Jonathan Glantz says investment will "breathe new life" into Berwick Street market - But, some businesses fear impact of ‘clone stores’
Published: 11 March 2011
by JOSH LOEB
PLANS to attract a leading property investment company in a bid to revitalise a historic Soho market street will not lead to an invasion of “clone stores”, a councillor has insisted.
City Hall owns the lease on a row of retail units underneath Kemp House in Berwick Street and has put them up for grabs via agents Lambert Smith Hampton.
West End ward councillor Jonathan Glanz has argued the move will breathe new life into the area – but some businesses fear a repeat of previous botched plans to redevelop the market.
Cllr Glanz said: “It is hoped an experienced commercial operator will acquire the long leasehold interest and in doing so will work with the council to revitalise the existing shops at ground-floor level and to upgrade the public realm.
“We would look to be working with an experienced party who has done similar developments.
“That means that they would share that vision and would ensure the mix of tenants is one that is distinctive, otherwise you are creating just another identikit high street.” In 2004 plans to redevelop Berwick Street, Hopkins Street, Ingestre Place and Silver Place were ditched when City Hall received hundreds of complaints.
A website, www.berwickstreet.com, has been set up to advertise what it describes as “an income-producing asset in the heart of the West End”.
The site states: “At present (the time of writing), the property is fully let although several of the leases are due to be renegotiated. The property’s annual rent roll is approximately £710,000, however, there is considerable scope for this to be increased either through active asset management or refurbishment/redevelopment works.”
Property group Shaftesbury plc is understood to be considered an attractive potential buyer by the council.