Shaftesbury gains planning permission for £32m Carnaby redevelopment

Shaftesbury on Wednesday received planning permission from Westminster City council for its major scheme at 72 Broadwick Street, a 1970s mixed-use building in the heart of Carnaby.

The real estate investment trust's newly consented scheme provides for new retail, restaurant and leisure uses, extension and refurbishment of office space, and increasing the number of apartments from eleven to fifteen through reconstruction of the building's rental accommodation.

The estimated cost of this 70,000 square foot scheme is £32m, with works expected to start in September and reach completion in late 2021.

A statement from Shaftesbury said: "The innovative re-purposing and refurbishment of this landmark building, which occupies an island site of 0.5 acres fronting Carnaby Street, will deliver much-improved commercial and residential accommodation as well as major sustainability and aesthetic benefits. The creation of new retail, restaurant and leisure space will add to Carnaby's world-renowned reputation as the liveliest destination in London's West End."

Shaftesbury's shares were up 0.06% at 826.50p at 0913 BST.