A private Turkish investor is to buy the UK headquarters of MediaCom Holdings in London’s midtown for £65.5m – a 4.1% yield.
The midtown asset at 124 Theobalds Road, WC1, was being marketed by Savills and Strutt & Parker on behalf of DTZ Investors.
Comprising 81,110 sq ft over basement, ground and eight upper levels, the building is majority let to MediaCom Holdings until September 2022.
The property produces an annual income of more than £2.8m pa, equating to £35 per sq ft overall, with a rent review in September 2017.
Midtown market rents currently exceed £70 per sq ft.
Michael Elliot advised the purchaser.
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