Shaftesbury understood to be mulling sale of Fitzrovia properties

London landlord giant Shaftesbury Capital is believed to be mulling a sale of all of its properties in the city’s Fitzrovia area, where it currently owns around 100,000 square feet of property.

This comes according to Ian Hawksworth, Shaftesbury’s chief executive, who said that the properties in the area did not meet the company’s “investment criteria”, confirming to The Times that they were indeed up for sale.

According to the media outlet, Fitzrovia’s estate is believed to be worth over 100 million pounds, with Shaftesbury’s recent accounts stating that the properties were valued at around 118 million pounds.

It was further reported that the properties in the area were to be the first of a “capital recycling” programme initiated by the firm.

Hawksworth noted that Shaftesbury’s “prime locations” – Carnaby Street, Soho and Covent Garden – were also under consideration, adding “there are assets that we don’t necessarily think are going to meet our investment criteria”.

Agents from CBRE are expected to handle the sale of Fitzrovia assets, according to React News, which had initially reported on the potential upheaval.

Shaftesbury Capital was formed as part of a merger of two West End landlords, Shaftesbury and Capital & Counties, in early March.

On its establishment, the new group boasted a portfolio valued at 4.9 billion pounds, with 2.9 million square feet of lettable space located in London’s most iconic locations.