Sol Zakay’s Topland Group has appointed Savills to sell First Avenue House at 42-49 High Holborn, WC1, for more than £145m.
The freehold office building was refurbished 10 years ago and has been home to the government’s Central Family Court during that period.
The building occupies just under one acre, comprising 112,274 sq ft of court, office and ancillary accommodation arranged over lower ground and seven upper floors.
First Avenue House is let in its entirety to the UK government for a further 23 years. The current passing rent is £4,789,611 per annum, which reflects £41.76 per sq ft.
The rent is subject to fixed uplifts of 2.5% per annum throughout the term of the lease.
Stephen Down, Savills’ head of central London investment, said: “This is a unique opportunity to acquire a significant and highly prominent freehold building in Midtown, with long-term income secured to the UK government subject to guaranteed fixed annual uplifts.
“Midtown has seen incredible transformative change, with relentless occupier and investor demand and this trend looks set to continue through the strength of the proposed development pipeline. The redevelopment options at expiry on First Avenue House also present an exciting long-term option to this unique asset.”
