Orchard Street Investment Management, the specialist UK commercial property investment manager, has purchased 1-5 Poland Street, W1 on behalf of St James’s Place property funds. The property was bought from M&G for £30.4 million, reflecting a yield of 4.84%.
Comprising six floors of contemporary grade A office accommodation and ground floor retail unit, the 27,016 sq ft office block is conveniently located in the heart of Soho, a short distance from Oxford Circus and Tottenham Court Road tube stations. It is let in its entirety to Williams Lea Group, the leading business process outsourcing organisation, on a 15 year lease.
John Humberstone, of Orchard Street, said:
"1-5 Poland Street is a high quality asset which benefits from a strong tenant and a prime location in the West End. Soho is one of the most vibrant business and retail districts in London. It continues to appeal to the creative industries and is fast becoming the destination of choice for many corporate and financial occupiers. This is a great addition to the St James’s Place portfolio."