Warner Estate Holdings PLC confirms the purchase of Cable House in London EC2 from a private vendor at £44 million (approx. €61m), reflecting a net initial yield of 5.51%.
Cable House, at 56-62 New Broad Street, provides 57,055 ft² of Grade A office space set out over lower ground, ground and first to fifth floors. The Grade II listed building is let entirely to Tullett Prebon Group at an annual rent of £48.55 psf and is held long leasehold from the Corporation of London.
Michael Stevens, Property Director at Warner Estate, comments, "This is a high-quality prime asset with plenty of management potential. Sitting opposite our existing holding in 55 Old Broad Street, this acquisition reaffirms our commitment to the fast growing City market, where rental expectations are encouraging."
Source: Warner Estate