British Land has announced that it has exchanged on the sale of 52 Poland Street in London’s Soho, which houses sites from YO! Sushi and Lucky Voice, to Amazon Property for £26m reflecting a capital value of nearly £1,300 per sq ft.
52 Poland Street is a 20,500sq ft multi-let building over basement, ground and seven upper office floors. The total passing rent of £693,373 equates to £33.84 per sq ft.
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.”
CBRE acted on the deal.