Red Kite has advised Soho Estates on the purchase of the Soho Portfolio which consisted of 10 buildings on an acre of land comprising 125,000 sq ft of built mixed use space. The properties front Charing Cross Road, Manette Street and Greek Street.
Following the failed purchase by Princeton of the portfolio, Red Kite seized the opportunity to secure the deal in MIPIM with Soho Estates as the only credible buyer of these assets in the market. The deal was exchanged and wrapped up in a week from a shake of hands at The Martinez Hotel late on the Wednesday night.
The properties have not been openly on the market for decades and forming part of the Foyle (Bookshop) family property trust. Soho Estates will use their unique expertise of managing and owning property in Soho to digest it into their existing portfolio and also benefit from the huge investment nearby of Cross Rail at Tottenham Court Road. Watch this space for big box retail on the Charing Cross Road frontage!
John Olney at H2SO advised the vendors throughout.