British Land sells £26m Soho building to Amazon Property

20th Aug 2014 07:39

Property group British Land has sold its 20,500 square-foot office building at 52 Poland Street in London to Amazon Property for £26m.The sale of the Soho asset, which reflects a capital value of nearly £1,300 per square foot, "attracted very strong interest", according to British Land's head of offices Tim Roberts, "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," he said.The total passing rent of 52 Poland Street, located close to the new Crossrail station at Tottenham Court Road, is nearly £0.7m and equates to £33.84 per square foot.Amazon Property, as part of a joint venture, will buy the freehold of the building at 51% ahead of the March 2014 book value at a net initial yield of 2.5%.The multi-let building comprises basement, ground and seven upper office floors. Ground and basement floors are currently occupied by Yo Sushi and the Lucky Voice karaoke bar.BC