Shaftesbury Capital plans £100m Fitzrovia sale

Shaftesbury Capital is selling its entire Fitzrovia portfolio, with a price tag of more than £100m. The West End landlord has asked CBRE to handle the sale of about 100,000 sq ft of property, mostly around Goodge Street and Charlotte Street, W1. The portfolio comprises 28 hospitality and leisure units, 11 offices, seven shops and 56 flats. Shaftesbury’s recent accounts value the portfolio at £118m, generating £5m in rent each year. Shaftesbury chief executive Ian Hawksworth said the Fitzrovia portfolio “does not meet our investment criteria” as he confirmed that the buildings were up for sale. All of the group’s Fitzrovia holdings came from Shaftesbury, when the REIT merged with Capital & Counties earlier this year. Hawksworth, previously Capital & Counties chief executive, has said he wants to sell at least 5% of the portfolio, or around £250m, where little value can be added. Shaftesbury Capital estimates that it can increase its rent roll in its core estate of Covent Garden, Carnaby and Soho by £40m a year. Whereas it sees the potential for a less than £1m increase in Fitzrovia.