20th Aug 2014 06:58
LONDON (Alliance News) - British Land Company PLC Wednesday said it has sold its office block on Poland Street, London to Amazon Property in a deal worth GBP26 million, reflecting a capital value of nearly GBP1,300 per square foot.
The site on 52 Poland Street, near Oxford Circus underground station, is a 20,500 square foot multi-let building. The total passing rent of GBP693,373 equates to GBP33.84 per square foot.
FTSE 100-listed British Land said the ground and basement floors are occupied by food chain Yo! Sushi and Lucky Voice karaoke bar.
Amazon Property, a London-based property investment company, will acquire in a joint venture the freehold of the building at 51% ahead of the March 2014 book value, at a net initial yield of 2.5%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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