Ted Baker has succeeded in purchasing its offices at King
’s Cross, NW1, from liquidators to Eastfield Holdings at a second attempt.
Canal Reach, home to the fashion brand’s London HQ, and dubbed “The Ugly Brown Building”, went under offer to Brockton at the start of 2014 following a knock-out bid of around £90m – a sub-4% yield, but pulled its bid after deciding its initial plans were no longer achievable.
Begbies Traynor is selling the 262,800 sq ft campus, let to Ted Baker and Verizon. Both tenants bid in the first round.
It was put up for sale with a £60m guide price, with Ted Baker understood to be paying upwards of £90m.
Crossland Otter Hunt and Robert Irving Burns advised on the sale; Noble Harris advised Ted Baker.
