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Desperately needed commercial office space is seen to be coming to the market in Soho. Amazon Property who is predominately a residential developer is selling an office redevelopment in London’s West end. The site 47, 48, and 50 Poland Street is estimated to be sold for a whopping £45 million pounds totalling at 43,938 sq. ft. making it £19,772 per sq. ft.
This space will be designed by Trehearne Architechs creating a courtyard office space. The development will include about 55,000 sq. ft. of office space and 2, 850 sq. ft. of retail space. The office buildings are currently largely vacant.
Andrew Ingram, a Commercial surveyor at Morgan Pryce said “The redevelopment of this site is sure to put this space in high demand due to the lack of space in Soho and it benefiting from Crossrail which will be come into Dean Street in 2019.”
With residential space being worth 3-4 times the value of commercial office space and vacancy rates being as low as 3% in the west end, office space development is widely welcomed.
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.