Purchase of 6 Poland Street, Soho
October 15, 2018
Coffer Corporate Leisure has advised a private client on the purchase of 6 Poland Street, a freehold mixed-use investment in the heart of Soho. The purchase price of £8.55m reflected a net initial of 3.26%.
The property comprises circa 3,300 sq ft of office accommodation let on three separate tenancies and a circa 2,000 sq ft bar/restaurant let to multi-site operator Barrio.
Jack Silvani, Director, Coffer Corporate Leisure said, "Over the last quarter (Q3) pricing for core assets has remained resilient and we continued to observe steady transaction volumes. The purchasers were typically private investors (UK and overseas) and institutions investing for the long term and there remains adequate depth to the market.
Assets with strong fundamentals - both in London and regionally - and/or long, index-linked leases are still very much in demand. There is, however, a sharp drop-off in pricing for less desirable assets as investors are being more selective. We anticipate this will continue in the short term.
The subject property falls firmly into the former category and should provide steady rental growth across the restaurant and office elements."
Savills acted on behalf of the vendor, a private client. Coffer Corporate Leisure advised the purchaser, a private client.