The property group British Land has traded its 20, 500 square feet office space in London’s Poland street in Soho to Amazon, for a total price of £26m. This equates to an estimated £1300 per square foot, and was a clear reflection of the ‘strength and depth of West End investment’, according to Tim Roberts, who acts as British Land’s head of office.
As well as attracting strong interest from buyers, Roberts noted that this was an excellent time to sell and turn his attention to other portfolio projects. 52 Poland Street is located extremely close to the brand new station in Tottenham Court Road.
The seven block building currently also houses the Lucky Voice karaoke bar and Yo! Sushi, signalling the energy and attractiveness of the area. The passing rent of the address currently equates to around £33.84 per square foot.
Of the investment, Amazon’s Chris Lanitis announced that it was a "strategic acquisition to add to our growing portfolio".
Lanitis also added that West End is an area where Amazon "see considerable growth prospects."
British Land were advised by Irwin Mitchell throughout the process, whereas Amazon Property acted alone.