News

Soho streaks on

News

Estates Gazette

12 April 1986

by Duncan Lamb

The property boom in London’s once sordid, now much smarter, Soho continues with the news that, following their move to Soho Square, Barclays Bank have sold the freehold of 181-185 Wardour Street, W1. The Broadcasting & Entertainments Trade Alliance have paid £1.85m for the 10,000-sq ft building. They were represented by John Stanley.

Tony Salata of Leighton Goldhill, who acted for Barclays in the disposal, said that they were looking for offers of over £1.3m and that the improvement on the asking price was an indication of the current excitement about Soho.

The building, shown here, is nearly opposite the Crown Estate’s Quadrangle Development, and Mr Salata said there was a lot of interest from developers.

Activity in the area has been fast and furious, from the larger properties such as the United Kingdom Provident Institution development at 25-26 Soho Square (where Barclays took the 31,000-sq ft ground floor at £285,000 pa) right down to 1,000-sq ft of light industrial at 48 Lexington Street, which was let to Granada Television on a three-yearly renewable lease showing £18 per sq ft.

Agents on this latter transaction were Realty, who, after four years concentrating on the Soho market, consider themselves local specialists.

Director Lawrence Kirschel identifies the Soho market as being very much “cash-on-delivery” with many of the more “colourful” owner-occupiers responsive to the speed with which a deal can be closed.

However, these idiosyncracies should not cloud the seriousness with which individuals are buying into the Soho market. Realty client Paul Raymond, who has just bought the freehold of 18 Greek Street for around £750,000, is rumoured to have spent over £4m during the last 18 months acquiring freeholds in the area.

With the flexibility of the film and video industry to take mixed light industrial/office space, the retreat of the sex industry due to Westminster council’s planning policy to “clean up” the area and the increasing “smartness” of a local address, it seems that the Soho market has far from reached its peak.

by Duncan Lamb The property boom in London’s once sordid, now much smarter, Soho continues with the news that, following their move to Soho Square, Barclays Bank have sold the freehold of 181-185 Wardour Street, W1. The Broadcasting & Entertainments Trade Alliance have paid £1.85m for the 10,000-sq ft building. They were represented by John Stanley. Tony Salata of Leighton Goldhill, who acted for Barclays in the disposal, said that they were looking for offers of over £1.3m and that the improvement on the asking price was an indication of the current excitement about Soho. The building, shown here, is nearly opposite the Crown Estate’s Quadrangle Development, and Mr Salata said there was a lot of interest from developers. Activity in the area has been fast and furious, from the larger properties such as the United Kingdom Provident Institution development at 25-26 Soho Square (where Barclays took the 31,000-sq ft ground floor at £285,000 pa) right down to 1,000-sq ft of light industrial at 48 Lexington Street, which was let to Granada Television on a three-yearly renewable lease showing £18 per sq ft. Agents on this latter transaction were Realty, who, after four years concentrating on the Soho market, consider themselves local specialists. Director Lawrence Kirschel identifies the Soho market as being very much “cash-on-delivery” with many of the more “colourful” owner-occupiers responsive to the speed with which a deal can be closed. However, these idiosyncracies should not cloud the seriousness with which individuals are buying into the Soho market. Realty client Paul Raymond, who has just bought the freehold of 18 Greek Street for around £750,000, is rumoured to have spent over £4m during the last 18 months acquiring freeholds in the area. With the flexibility of the film and video industry to take mixed light industrial/office space, the retreat of the sex industry due to Westminster council’s planning policy to “clean up” the area and the increasing “smartness” of a local address, it seems that the Soho market has far from reached its peak.