Telereal Trillium is selling The Telephone Exchange at 268–270 High Holborn, WC1, for around £45m – a 3.18% yield.
It has instructed Farebrother to market the Telephone Exchange and British Telecommunications archive facility, which generates around £1.5m pa, reflecting £664 per sq ft.
The property offers redevelopment potential upon vacant possession and could support a number of potential uses, subject to planning.
The 67,803 sq ft asset is let in its entirety to BT plc, for a term of 30 years, expiring in 2031.
Graham Edwards, chief executive officer at Telereal Trillium, said: “The profile of this property is unique, in that it offers a land banking situation, with a secure income stream and significant medium-term redevelopment potential.”
Alistair Subba Row, senior partner at Farebrother, added: “Property values in London’s Midtown area have soared over the last 18 months, given the significant rental growth over the same period, low current vacancy levels of grade A stock and limited future pipeline.”
