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PROPERTIES Amazon builds Soho portfolio with office block acquisition Luxury residential developer Amazon Property has bought a 20,500 sq ft office block in the middle of Soho. Swan House, 52 Poland Street is currently home to seven floors of offices with Yo! Sushi and Lucky Voice karaoke bar taking up the ground and basement levels. The building is just 300 metres from the new Tottenham Court Road Crossrail station. The developer has some rather good form in office-to-resi conversions, including turning the old Paramount Studios HQ, round the corner from Poland St on Wardour St in Soho, into 15 high spec apartments. 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%. CGIs courtesy of Amazon Property; photograoh courtesy of British Land p.26 get all the latest on luxury properties & developments at www.<strong>PrimeResi</strong>.<strong>com</strong>/properties
PROPERTIES Tim Roberts, Head of Offices, British Land: “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.” Chris Lanitis, Partner, Amazon Property: “The acquisition of 52 Poland Street is an exciting addition to Amazon Property’s rapidly expanding portfolio and signifies our wider drive to obtain well-located London sites. The building’s trophy address and expansive internal space presented the perfect opportunity to deliver more of our signature, luxury apartments and penthouses to the market. Amazon Property has firmly established itself as an office-to-resi specialist, with a number of successful schemes across Zones 1 and 2. 52 Poland Street promises to continue this achievement and we look forward to securing vacant possession of the first to seventh floors and starting work in June next year.” CBRE and Irwin Mitchell advised British Land. Amazon Property was unrepresented. Q p.27
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