The King of Porn’s Soho is all set to clean up its act

 
16 November 2012

Soho is set for a clean-up. News came this week that veteran property developer Peter Beckwith has been picked to redevelop a grubby concrete tower block on shady Berwick Street.

Here’s some more news. The area’s biggest landlord, Soho Estates, has put together a £100 million redevelopment plan covering five sites on the £329 million estate assembled by Paul Raymond over 40 years.

Soho Estates managing director John James yesterday disclosed profits of £16 million on income of £19.9 million in the year to March. Raymond’s son-in-law, who has long run the business, says the company, chaired by former Tory MP Steve Norris, has spent £100 million buying more property in Soho since the King of Porn died, aged 82, in 2008.

“We want to consolidate our estate, says James. “We are not going to sell. We’re here to stay.” So it makes sense to develop, adds the man who had to suffer stasis and secrecy under his reclusive father-in-law. “The company is much more open now. We want to engage with local people and be part of the community.”

The rebranded business even has a website, which will startle older hands. It contains a 10-page brochure detailing Soho Estates’ biggest play. The freehold of Foyles in Charing Cross Road was bought in March for £74 million. The bookshop intends to move just down the street. The plans show it has assembled a one-acre site between Charing Cross Road and Greek Street by buying up seven other freeholds.

“We are in conversation with one or two interested parties,” says James. “The footfall in the area will increase massively once Crossrail opens at Tottenham Court Road.”

The potential is for a hotel in Greek Street, retail in Charing Cross Road and lots of flats in between. “We are in no hurry. Foyles are paying their rent. But we would welcome any ideas.”

Last week, permission was granted for a £10 million development in Dean Street that will be occupied by the Soho House empire. But the project closest to James’s heart is in Walker Court, a 36,000-square-foot redevelopment at the bottom of Berwick Street. The project will include turning the old Raymond’s Revue Bar into offices for Soho Estates.

That will be nice for James’s 26-year-old daughter, Fawn, who has inherited the estate with her younger sister, India Rose. The project will include the revival of the former Boulevard Theatre, which became the Comic Strip spot where comedians such as Eddie Izzard got their first break. “Fawn will pick up and run with the theatre project,” says James.

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