Luxury residential developer Amazon Property is to more than treble its Soho footprint.
Charles Gourgey and Chris Lanitis’s Amazon is under offer to buy the 74,123 sq ft Soho Works estate, W1, (pictured)which comprises five vacant office and mixed-use buildings, including 54-57 Great Marlborough Street, plus 47-50 Poland Street.
The firm has agreed with TIAA Henderson Real Estate to pay above the £67.5m asking price, highlighting the increasing popularity of Soho as a residential location.
The deal comes four months after Amazon paid British Land £26m for the adjoining 20,500 sq ft 52 Poland Street.
The company has previously invested in the submarket by converting the former Paramount Studios HQ on Wardour Street into 15 luxury flats, all of which sold in 2012 at prices averaging £1,700 per sq ft.
Plans had been in place for an 80,498 sq ft office-led revamp of Soho Works, but new proposals for a prime residential development will be drawn up in 2015.
Once famed for being the stomping ground of the late pornography and property magnate Paul Raymond, Soho is increasingly becoming a residential hotspot.
JLL has forecast average residential values in the area will rise from £1,670 per sq ft to £2,450 per sq ft by 2018.
HMC and Michael Elliott are advising TH Real Estate; Amazon is unrepresented.
