British Land announces it has exchanged on the sale of 52 Poland Street W1, to Amazon Property for £26 million (approx. €32.5 million) reflecting a capital value of nearly £1,300 psf.
52 Poland Street is a 20,500 ft² (approx. 1,904 m²) multi-let building over basement, ground and seven upper office floors. The total passing rent of £693,373 (approx. €866,700) equates to £33.84 psf. The ground and basement floors are occupied by Yo! Sushi and Lucky Voice karaoke bar.
Located in Soho, the building is 300 m from the new Crossrail Station at Tottenham Court, and a short walk from Oxford Street. Amazon Property in a JV will acquire the freehold of the building at 51% ahead of the March 2014 book value, at a Net Initial Yield of 2.5%.
Tim Roberts, Head of Offices, British Land said: “The expiry profile at 52 Poland Street means there is potential for vacant possession of upper parts in June 2015. The site attracted very strong interest, reflecting the strength and depth of the WE investment market. It is an opportune time to sell and focus on projects elsewhere in our portfolio.”
Source: British Land