British Land sells 52 Poland Street, Soho, for £26m

BLND : British Land sells 52 Poland Street, Soho, for £26m

British Land has announced the sale of 52 Poland Street, Soho, London for £26m. 52 Poland Street is a 20,500 square foot multi-let building over basement, ground and seven upper office floors. The total passing rent of £693k per annum equates to £33.84 per square foot, whilst the sale price is equivalent to £1,300 per square foot. The ground and basement floors are occupied by Yo! Sushi and Lucky Voice karaoke bar. British Land has cited reasons for sale that include the potential for vacant possession in the upper parts of the building in June 2015, as well as very strong interest in the site (the building is 300 metres from the new Crossrail Station at Tottenham Court and is a short walk from Oxford Street). The purchaser, Amazon property, will acquire the freehold of the building at a net initial yield of 2.5%.

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