INDUSTRY NEWS

British Land sells London office

Share:

British Land Company has sold a London office for £26m to Amazon Property.

The office which is situated in Soho in London’s West End has 20,500 sq ft of space.

52 Poland Street or Swan House as it is also known, has a capital value of £1,300 per sq ft.

At ground level the office has a bar and restaurant, while the seven storeys above are all office space.

The total rent made on this multi-let property is nearly £0.7m equating to £33.84 per sq ft.

Located close to new station at Tottenham Court Road, this office space has good transport links, and is a short walk from Oxford Street.

British Land’s head of offices, Tim Roberts said the asset located in Soho had attracted very strong interest, reflecting the strength of London’s West End investment market.

Roberts added: “It is an opportune time to sell and focus on projects elsewhere in our portfolio. It is an opportune time to sell and focus on projects elsewhere in our portfolio”.

Amazon Property partner, Chris Lanitis, said: “This is a strategic acquisition to add to our growing portfolio in an area where we see considerable growth prospects.”

Office space may become available to rent in the upper storeys of this building in the summer of 2015.

By: Kirsty MacGregor

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

Share: