The final piece of a planned mixed use development, 47 Poland Street in Soho, which will comprise a large corner site, offering 110,000 sq ft of office space has been bought after 5 years in planning.
Henderson Global Investors bought 49-50 Poland Street in 2005 from Benchmark Property, followed by 55-57 Great Marlborough Street from the Pollen Estate in 2007 and 54 Great Marlborough Street from a private German investor in 2009.
47 Poland Street, which completes the corner site, was bought from private investor David Pearl. HMC Properties advised Henderson and Robert Iving Burns advised David Pearl.
The investors are expected to submit a planning application in Q3-Q4 this year which will partially knock down all four buildings to make way for a single office property. With full planning approval, work could begin in Q1 2012, with a potential headline rent in excess of £60 per sq ft.
Partner in West End investment at Allsop, Justin James, said, “The timing of such a development is, in theory, spot on. There is an expectation that demand for good-quality office space will continue to improve steadily while supply sharply declines.”
He added, “If you believe all the rental growth forecasts produced then 2011 and 2012 are going to see the highest levels of growth.”
With a predicted slump in the number of new developments for the capital, such developments are more than welcome in quelling demand and providing efficient space for a greater number of companies.