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In the wake of the proposed Hammerson-Intu merger, Shaftesbury is making headlines with its ambitious expansion plans in central London. The company, known for its ownership of the iconic Carnaby Street, has launched a £265 million fundraising campaign to further its hold on the area.
A significant portion of the funds raised is being channelled into the acquisition of two Soho buildings, including a prime block on Broadwick Street purchased for £92 million. Currently designated for offices and residential use, analysts suggest that this property has the potential for conversion into retail space, especially as Soho gears up for increased footfall following the completion of major transport projects.
The West End is projected to see an additional 60 million visitors starting next year, a surge that Shaftesbury aims to capitalise on. The company’s careful management of Carnaby Street and surrounding Soho areas has already made these locations increasingly attractive to fashion retailers.
Beyond acquisitions, Shaftesbury plans to reserve some of the funds for future opportunities and to refurbish its existing properties. CEO Brian Bickell expressed enthusiasm about the strategic purchase of 72 Broadwick Street, highlighting its potential for reconfiguration to accommodate new retail and restaurant spaces. He also noted the benefits of the building’s proximity to the new Crossrail ticket hall on Dean Street, which is expected to drive up both profile and footfall in the area.
Bickell stated, “Securing additional equity will support the continuing expansion of, and investment in, our exceptional portfolio located in the heart of London’s West End.”
Pangaia to Open First Standalone UK Store on Carnaby Street
Adding to Shaftesbury’s portfolio, material science company Pangaia is set to open its first standalone UK store at 57 Carnaby Street this summer. The 1,500-square-foot store will be strategically positioned alongside notable retailers such as End, Adidas Originals, and Axel Arigato.
Pangaia’s new store will feature the brand’s genderless apparel while also highlighting its innovative, problem-solving materials science.
Michelle McGrath, Executive Director at Shaftesbury Capital, commented on the new addition, stating, “Pangaia is one of the most interesting and innovation-driven brands globally. Their flagship UK debut in Soho’s Carnaby Street underscores the district’s reputation for UK firsts, world-class experiences, and sought-after consumer demographics.”
McGrath also emphasised Shaftesbury’s approach to active curation, which focuses on attracting challenger and high-growth brands that complement the diverse and vibrant nature of the area, joining other renowned brands and restaurants like Aimé Leon Dore, Adidas Originals, End, Mountain, Kiln, and Rita’s.
