Sol Zakay’s Topland Group is seeking a record Midtown yield for London’s principal divorce court.
The investor has appointed Savills to sell First Avenue House at 42-49 High Holborn, WC1, for £145m – a 3.3% yield.
The 112,274 sq ft freehold office building was refurbished 10 years ago and is let in its entirety to HM Courts Service for a further 23 years.
The current passing rent is £4.8m pa, which reflects £41.76 per sq ft. The rent is subject to fixed uplifts of 2.5% pa for the term of the lease.
Topland bought First Avenue House in 2003 for £58m. The firm previously put it up for sale through CBRE in 2013 for £130m but the asset was later withdrawn from the market.
david.hatcher@estatesgazette.com
