Monday 3 December 2018 12:29 am

Orchard Street snaps up £55m building in Soho’s filmland

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Property investment firm Orchard Street has snapped up a £55m Soho building home to a British film production company.

The office space in the property at 141 Wardour Street is fully let to Moving Picture Company, while retail space on the ground and basement floors is home to Princi, an Italian restaurant and bakery part-owned by Starbucks.

Orchard Street, which made the purchase on behalf of St James’s Place UK, said the building generates rental income of more than £2.5m per year.

Harry Buxton, Orchard Street acquisitions manager, said: “The purchase of 141 Wardour Street makes a great addition to the portfolio on account of its prime Soho location, proximity to Crossrail and underlying reversionary profile.

“We believe Soho’s diverse occupier mix and vibrancy will continue to flourish and reinforces our investment strategy of acquiring well-located assets with strong long-term characteristics.”

The property, which dates back to 1931, boasts roughly 34,000 square feet (sq ft) of office and retail space across six floors.

Moving Picture Company, a British film studio specialising in visual effects, occupies the entirety of the office space in the building.

The road in Soho has traditionally been the London home of film production companies. In 2016 the Pathe Building at 103 Wardour Street, formerly the headquarters of the French film studio, was converted into flats.

The building at 141 Wardour Street was previously managed by Roebuck Asset Management, which had advised on its acquisition in 2011.

Nick Rhodes, Roebuck Asset Management director, said: “The asset has performed very well over the past seven years, providing a stable and improving income return.

“Its location continues to be of key importance for both occupiers, who have specifically chosen this asset for long-term occupation.”