Lucky Voice karaoke bar sold by British Land for £26m
British Land has sold the site of Martha Lane Fox’s Lucky Voice karaoke bar in London for £26m.
The UK’s second largest property company said yesterday it had sold the freehold of 52 Poland Street to Amazon Property – a company unrelated to the online retail giant – in order to focus on other projects in its portfolio.
The 20,500 square feet building in the heart of Soho is let to Lucky Voice and Yo! Sushi on the ground floor and basement, with offices on the upper floors.
It has a passing rent of £693,373 equates to £33.84 per square foot.
British Land’s head of offices Tim Roberts, said: “The expiry profile at 52 Poland Street means there is potential for vacant possession of upper parts in June 2015.
“The site attracted very strong interest, reflecting the strength and depth of the WE investment market. It is an opportune time to sell and focus on projects elsewhere in our portfolio,” he added.
Amazon Property is a private property investment group that owns residential properties on Park Crescent near Regent’s Park, as well as office and industrial buildings in Victoria and Wandsworth.
The acquisition of 52 Poland Street was completed 51 per cent ahead of its book value in March and at a net initial yield of 2.5 per cent.