Out-Law / Your Daily Need-To-Know

Amazon Property buys Soho office block with potential for residential redevelopment

Out-Law News | 20 Aug 2014 | 4:22 pm |

Developer Amazon Property has agreed to buy an office block in central London's Soho from real estate company British Land.

The eight storey building at 52 Poland Street, near Oxford Circus London Underground station, currently houses a sushi bar and a karaoke bar on its ground and basement floors, with the upper seven floors in office use.

Amazon may look to develop the upper floors of the property into residences from June 2015. A British Land statement said that Amazon had a particularly "impressive track record" in the "prime central London residential market" and that the developer "specialises in transforming once office/commercial spaces into stunning luxury apartments".

Permitted development rights introduced by the UK government in May 2013 allow developers to convert offices for residential use without applying to the local authority for planning permission.

British Land head of offices Tim Roberts said in the statement that "the expiry profile at 52 Poland Street means there is potential for vacant possession of the upper parts from June 2015".

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