Multi-million pound investment secured to rejuvenate London's historic Berwick Street

A much needed multi-million pound investment has been secured from commercial real estate and leisure investment group PMB Holdings to rejuvenate Soho's historic Berwick Street, in London?s West End. Working closely with local residents, businesses and traders, PMB Holdings has acquired the rights for the redevelopment from the City of Westminster Council and will launch a series of wide reaching consultations to develop proposals for the planned scheme. The project aims to bring new life to the area while maintaining its strong sense of character and local Soho feel.

We represented the City of Westminster Council throughout the process and continue to.

The redevelopment scheme will provide the much needed regeneration of out-dated 1960?s buildings to create a dramatically improved street scene. Retail units will also be improved to offer an enhanced shopping experience. Plans are also in place which will support and improve the social housing in Kemp House, and will enhance amenities for all residents living in and around Berwick Street.??

Recently voted Westminster residents' favourite market, Berwick Street has been the home of local traders since at least 1778. PMB Holdings will work to transform the currently out-dated street market and create a more exciting offer. To demonstrate its commitment to supporting the future of the existing market, PMB Holdings is providing ?100,000 in upfront funding to improve utilities for market traders and deliver better access to water and electricity, as part of what will be a wider community benefits package.

Edward Jones, CEO of PMB Holdings, comments, ?Berwick Street and its market is a fantastic and essential part of Soho?s character and feel, but its traders and retailers are in need of modern facilities to improve their businesses. This redevelopment will attract tourists, visitors and new residents to the area which will reinvigorate the street and its economic wealth. Consulting the locals is key to our plans to rejuvenate the street while maintaining its current personality.? PMB Holdings is excited to be working with the local community and feel confident we can make this project a success.?

Commercial property advisers, Lambert Smith Hampton represented City of Westminster Council throughout the process and continue to.

Commenting, Tim Shaw, Director at Lambert Smith Hampton said: ?There is a clear connection between the performance, condition and management of both the retail units and other real estate owned by the City Council and the surrounding Berwick Street Market, of which the City Council is acutely aware.? We have developed a plan with PMB Holdings to allow the private sector to invest millions of pounds in the property and the surrounding infrastructure to the benefit of local residents, market traders, retailers and stakeholders, to breathe new life into this historic part of the capital.?

Jonathan Glanz, Cabinet Member for Housing and Property at Westminster City Council, said: "Through working with the private sector, we are now able to put forward proposals which will see the regeneration of Berwick Street in the heart of Soho. It is an area which has a fantastic history and this deal will see the famous London street and market restored beyond? its former glory, as it is recreated as a unique destination market with a wide variety of shops and stalls."

PMB Holdings will be holding workshops with local groups and residents throughout November and December to fully develop plans. A public exhibition will be held in early 2013 with planning permission expected to be submitted in April 2013.

Goldenberg Real Estate LLP acted on behalf of PMB Holdings.

16 Nov 2012

For information about the services covered in this news story please contact Tim Shaw

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Source: http://www.lsh.co.uk/pages/news_detail.asp?id=1668

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