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Shaftesbury snaps up two more West End properties
Real estate investment trust Shaftesbury has exchanged contracts to acquire 35 and 36 Great Marlborough Street in London's West End.
Purchased for £22.7m, the two buildings, located at the northern gateway into the Carnaby Street area, currently in between the O'Neills pub and a Starbucks, are made up of two shops with 4,250 square feet of office accommodation on the upper floors.
Contracted income from the properties is £540,000 per year.
The Great Marlborough Street acquisition brings the FTSE 250 firm's acquisition expenditure to £140.1m since 1 October 2017.
Brian Bickell, chief executive, said, "This important acquisition consolidates further our ownership at the busy northern entrance to the 14 streets of Carnaby."
"We are discussing plans to materially improve the streetscape in the vicinity with Westminster City Council. Together with our wider estate management strategy, this will bring sustained growth in medium term rental prospects," he added.
As of 0830 BST, Shaftesbury shares had ticked up 0.099% to 1,012p.