Key Details

Overview

52-53 Poland Street is a new hotel in Soho, London W1.

The Z hotel was completed in 2017 and comprises 110 beds.

History

The old post-war 20,500 sq ft building from 1959 comprised a basement karaoke bar, a ground-floor restaurant and offices on 1st to 7th-floor levels.

2017 March - Aprirose acquires 52 Poland Street from Quadrum Global, an international real estate investment firm. The office building was purchased for £30 million, and is to be converted into a hotel under the stylish Z Hotel brand.

2017 January - planning permission granted.

2016 June - planning application submitted proposes the use of the uppers floors as a hotel with an ancillary café on
part first floor level. The scheme includes the permitted extensions at seventh floor and roof levels.

2014 August - British Land exchanged on the sale of 52 Poland Street to Amazon Property and Quadrum Global for £26 million reflecting a capital value of nearly £1,300psf. The total passing rent of £693,373 equates to £33.84 psf. The ground and basement floors were then occupied by Yo! Sushi and Lucky Voice karaoke bar. Amazon Property in a JV acquired the freehold of the building at 51% ahead of the March 2014 book value, at a Net Initial Yield of 2.5%.
Tim Roberts, Head of Offices, British Land 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.”
Chris Lanitis, Partner, Amazon Property said: “This is a strategic acquisition to add to our growing portfolio in an area where we see considerable growth prospects.”
CBRE and Irwin Mitchell advised British Land. Amazon Property was unrepresented.