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Commercial property giant British Land is selling the freehold to 52 Poland Street in Soho to Amazon Property, the investment and development group, having now exchanged contracts. The site garnered significant interest when marketed, in part as a result of the vacant possession being offered of certain parts of the building as of the middle of 2015, when some leases in the building expire.
The site has been sold for £26 million and comprises eight storeys plus a basement, amounting to 20,500 square feet. The building is let to various tenants, including Yo! Sushi and Lucky Voice karaoke bar on the ground floor. British Land stated that they are noting much interest in West End property at present, and this is allowing the company to sell certain properties there and drive the focus of their portfolio elsewhere.
Amazon Property hold over £2 million square feet of property and their assets include properties in Kensington, St James’s, Notting Hill and Mayfair. The company focuses on the residential sector but has also been involved in hotels, retail, offices and industrial buildings. Given the company’s target assets, it is likely that Amazon will be intending to transform the building at Poland Street into high-end residential apartments. The site is a prime location, being close to Underground stations, bars, restaurants, venues and shops.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.