Prudential Assurance and the National Deposit Friendly Society have sold Leicester House, on the corner of Leicester Square, W1, to Country & New Town Properties for £6.5m.
The Prudential held the headlease on the building until 2036 at a fixed rent and NDFS sold the freehold. Current total income is £458,000 pa.
The building has the Empire Cinema in its basement, shops on the ground floor, a restaurant let to Angus Steak Houses, and 24,000 sq ft of offices let to British Electrical & Allied Manufacturers Association.
Mellersh & Harding acted for the freeholders and Farebrothers for the purchasers. Conway Relf Stanton acted for the Pru.
Meanwhile, Aberdeen Steak Houses have taken a lease on 3,000 sq ft in the AA building on the opposite corner of Leicester Square for which they will pay £190,000 pa.
The space, 1,500 sq ft on the ground floor and the same amount in the basement, was won on a new lease at tender from Midland Bank. There was no premium paid. J Trevor acted for the bank and Dalgleish & Co for Aberdeen.
The freehold is owned by the AA and Allied Dunbar hold an intermediate lease.
