Amazon Property has bought a Soho office block from British Land for a luxury residential redevelopment. The developer has paid £26m – a 2.5% yield – for 52 Poland Street, W1, which reflects a capital value of almost £1,300 per sq ft. The upper floors of the 20,500 sq ft will become vacant and ready for redevelopment as residential in June next year, while the ground and basement levels will remain let to restaurant chain Yo! Sushi. Chris Lanitis, partner at Amazon Property said: “The acquisition is an exciting addition to Amazon Property’s rapidly expanding portfolio and signifies our wider drive to obtain well-located London sites.” Tim Roberts, head of offices at BL, added: “The site attracted very strong interest, reflecting the strength and depth of the West End investment market. It is an opportune time to sell and focus on projects elsewhere in our portfolio.” CBRE advised BL; Amazon was unrepresented.
Joanna.bourke@estatesgazette.com
Amazon Property has bought a Soho office block from British Land for a luxury residential redevelopment.
The developer has paid £26m – a 2.5% yield – for 52 Poland Street, W1, which reflects a capital value of almost £1,300 per sq ft.
The upper floors of the 20,500 sq ft will become vacant and ready for redevelopment as residential in June next year, while the ground and basement levels will remain let to restaurant chain Yo! Sushi.
Chris Lanitis, partner at Amazon Property said: “The acquisition is an exciting addition to Amazon Property’s rapidly expanding portfolio and signifies our wider drive to obtain well-located London sites.”
Tim Roberts, head of offices at BL, added: “The site attracted very strong interest, reflecting the strength and depth of the West End investment market. It is an opportune time to sell and focus on projects elsewhere in our portfolio.”
CBRE advised BL; Amazon was unrepresented.
Joanna.bourke@estatesgazette.com
