Amazon Properties buys Park Crescent

By Julia Cahill | 20-02-2012 | 17:00 | Estates Gazette

Luxury residential specialist Amazon Properties has bought half of the John Nash-designed Park Crescent opposite London's Regent's Park, W1.

Park Crescent

Amazon, run by Charles Gourgey and Chris Lanitis, have exchanged contracts with the Great Capital Partnership, the joint venture between Capital & Counties Properties and Great Portland Estates, on the £47m deal.

It is buying Park Crescent East, made up of 92/96 Portland Place, 98 Portland Place, 13/14 Park Crescent, 10/12 Park Crescent, 7/8 Park Crescent, 1/15 Park Crescent Mews East and 211 Great Portland Street. Gourgey said: "This is an iconic and prestigious acquisition to add to our growing portfolio of prime central London assets."

The Georgian town houses, which total just over 100,000 sq ft, generate an annual income of around £1.4m from office and residential tenants. They are held on a long lease from the Crown Estate, expiring in December 2157 at a current ground rent of £15,000 pa. Around 50,000 sq ft is subject to long leases with reversions between 2058 and 2157.

Current tenants include Adobe Systems Europe, the Secretary of State for Communities and Local Government, The Hale Clinic and International Students House.

Amazon has also bought 19 Bolsover Street, W1, from Hermes for circa £21m. The block comprises 31,4000 sq ft of office accommodation, but has potential for redevelopment as residential.

Lanitis said: "We have entered 2012 on a flying start, having concluded £70m of acquisitions we now have a central London development pipeline approaching £500m. We are strategically placed to take advantage of coming opportunities in 2012 with more than £150m of equity to our disposal."

Amazon was advised by CBGA on Bolsover Street and by Tudor Toone on Park Crescent.

Tudor Toone acted for Hermes on Bolsover Street.

julia.cahill@estatesgazette.com