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A large, 23,000 sq ft building has just been sold off-market in Soho. 13 Great Marlborough Street currently houses Sony Interactive Entertainment and was bought by Qatari Investment for £30.5m. This transaction was completed with a yield of 3.3%.
Meanwhile, the film studio Molinare has just acquired a 10-year lease in the heart of Soho. Taking a whole building of 20,500 sq ft off Carnaby Street, at Foubert’s Place. Molinare is best known for the Netflix series The Crown and has many popular TV series and films under its belt, including The King’s Speech and Sherlock. The rent on the space is now just over £1m per annum, which is a sig-nificant increase on the rent previously achieved on the building.
Eugene O’Sullivan, an experienced and chartered surveyor at Morgan Pryce, says, “Soho is still a very popular location for post production companies and the rise in prices hasn’t seemed to scare them off. The need to be in the area keeps a high demand on the office spaces available.”
Soho is currently seeing rents as high as £95 per sq ft and as low as £60 per sq ft for leases direct from landlords. The style of buildings in the area varies from converted townhouses and mews offices, to purpose built office buildings with larger, open plan floor plates.
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 manage-ment and works exclusively for tenants.