Speaking for the first time since the break-up, Elizabeth opened up exclusively to HELLO! magazine at an interview and photoshoot to launch her new Elizabeth Hurley Beach collection.
"We finally parted ways in November (2013) and it was a very sad time for both of us," she told HELLO! magazine. "I struggled for a while but feel in a very good place today. In fact, both professionally and personally everything is blooming."
Read the full interview with Elizabeth Hurley in HELLO! magazine out now
The 48-year-old actress and designer, who became engaged to the Australian sportsman in October 2011, said she hopes to remain friends with Shane, 44.
"Love isn't a switch that you can turn on or off at will and of course I still love him — we are part of each other's history," she said. The two families are still in touch, she added, revealing that she plans to see Shane's three "beautiful" children — Brooke, 17, Jackson, 15, and Summer, 12 — when they come to England in the summer. Shane was also in contact with her son, 12-year-old Damian.
"We've been putting together Mac photobooks of some of the great holidays we all spent together and have very happy memories," she said.
The future of the 13-bedroom Donnington Hall in Herefordshire that Elizabeth and Shane bought and renovated together was still "up in the air", although she hints that she and Damian may continue to live there.
Elizabeth Hurley and her new love interest David Yarrow
Now dating hedge fund-tycoon-turned wildlife-photographer David Yarrow, Elizabeth described him as "a man of integrity and charm and who, incidentally, cooks roast potatoes to rival those of my father".
Busier than ever on the work front, Elizabeth is preparing to make the first series of new American television show The Royals, in which she plays the Queen of England, and will soon be seen on the big screen in the movie, Viktor, opposite Gerard Depardieu.
She said her latest collection has been designed to make women "feel confident and special on holiday". Elizabeth often ends up wearing an "itsy-bitsy bikini" on her holidays, joking, "Mind you, there's a great deal of self-action tanning going on first and a fair amount of strategic sarong wrapping".
Read the full exclusive article in HELLO! magazine out now.