Quadrum Group has teamed up with Amazon Property to be its joint venture partner on a residential redevelopment of 52 Poland Street, W1.
The pair have completed the acquisition of the block for £26m – a 2.5% yield – from British Land. Contracts were exchanged last month and Investec provided senior debt financing.
Quadrum chief executive Oleg Pavlov said: “We all look forward to contributing to the extensive regeneration that is taking place in and around Soho.”
The deal is Quadrum’s second property purchase in London this year. In April it bought 66,900 sq ft Queen Anne’s Gate Buildings, SW1, for £43m.
joanna.bourke@estatesgazette.com
