The property is part of our Soho Place development, currently on site and due to complete in the first half of 2022. The sale of the 150-year leasehold interest relates to the 18,400 sq ft of offices located on the sixth to eighth floors as well as the theatre, which is pre-let on a 125-year lease to impresario Nica Burns of Nimax Theatres. The disposal price equates to a capital value of £2,200 per sq ft on the offices and is in excess of the expected end value. The monies are payable upon practical completion of the project.
Soho Place is a prominent AHMM-designed scheme located over the Tottenham Court Road Elizabeth line and Underground station that will total 285,000 sq ft in two buildings comprising: 1 Soho Place 192,000 sq ft of offices with 36,000 sq ft of retail space, which is 81% pre-let, and 2 & 4 Soho Place which has now been forward sold. Completion is expected in the first half of 2022. The development occupies a gateway position at the junction of Oxford Street and Charing Cross Road. It will form a significant part of the major upgrade of the area at the eastern end of Oxford Street which is re-establishing itself as one of central London’s key locations.
Paul Williams, Chief Executive of Derwent London, said:
“The disposal means that we have either pre-let or pre-sold virtually all the office space at Soho Place over eighteen months ahead of completion. Our success demonstrates the continuing broad appeal of our office product with its generous volume and a commitment to net zero carbon. The two buildings’ adaptability and resilience, together with the quality of the occupiers, will ensure that this will be a thriving office hub woven into the local theatre and retail mix for many years to come.”
Sir Lloyd Dorfman commented:
“We were attracted to this particular space because of the superb location next to a strategic Crossrail station, the quality of the buildings and our firm belief in the regeneration of this area which has an exciting future. The inclusion of the theatre, let to Nica Burns of Nimax, was an additional attractive feature. Despite these challenging times, I have great faith in the future of the office market of Central London.”
Pilcher Hershman acted for Derwent London.
James Andrew International acted for Sir Lloyd Dorfman.
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