A Middle Eastern family has bought 190 High Holborn, WC1, for £55m, reflecting a 5.25% yield.
The private investor has this week completed the purchase of the 83,881 sq ft building, which has been on the market for over seven months, owing to ongoing tenant discussions.
The property – sold by an offshore Jersey trust – is let to Pearson’s Edexcel, the company responsible for administering GCSE and A-level exams, until 2023, at around £30 per sq ft, subject to two fixed increases.
Land Securities sold the property to the Jersey trust in 2007, for £42.5m, reflecting a net initial yield of 5.95%.
In the latest deal, Michael Elliott advised the vendor, and Savills represented the buyer.
Mark Shipman, partner at Michael Elliott, said: “The quality of the tenant has helped to achieve such a strong price in a market where there are very few high quality single-let buildings available.”
joanna.bourke@estatesgazette.com
