The property portfolio
owned by Soho Estates, which was established by famous operator of Soho entertainment venues and publisher of adult
magazines Paul Raymond, has now exceeded £1bn in value for the first time.
The company’s latest
accounts show that although pre-tax profits almost halved to £26m due to a
revaluation gain the value of the portfolio rose from £975m to above £1bn in
the last financial year. The portfolio was established by Raymond, who died in
2008, and is now owned and run by his family who have expanded and redeveloped
it over the years.
Soho Estates finance
director Rachel Kennedy told the Evening Standard: “We have made major
investments over the years and some projects are about to complete, including
unveiling the new Boulevard Theatre in October and soon the reopening of night
club Madame Jojo’s.”
Soho has long since shed
its downmarket image and is now one of the most highly valued parts of central London. Nevertheless, in
times when London
property values have come under pressure, partly due to Brexit, expanding the
value of the portfolio by £25m+ in just a year is a notable achievement.