Telereal Trillium has sold 268–270 High Holborn, WC1, to a UK Pension Fund, believed to be Columbia Threadneedle, for £42.7m – a yield of 3.4%.
The operational BT telephone exchange, close to Holborn Underground station, has long-term redevelopment potential.
The 67,8000 sq ft, six-storey property is a purpose-built telephone exchange with ancillary archive, storage and offices, entirely let to BT plc for 30 years.
Telereal Trillium acquired the property in 2001.
Graham Edwards, CEO at Telereal Trillium said: “Telereal Trillium always looks to add value for ourselves and our partners. By working with BT, we were able regear this lease and thereby create an investment that is attractive to institutional purchasers.”
Farebrother were the selling agents. Finn & Co and Savills acted for the purchaser.
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