Topland Group, headed by Sol Zakay, has appointed international real estate advisor Savills to sell First Avenue House, 42-49 High Holborn in London’s midtown.
First Avenue House is a freehold office building that was substantially refurbished over 10 years ago and has been home to the Government’s Central Family Court during that period. The building occupies just under half a hectare of freehold land in the city centre.
It comprises 34,221 m² of court, office and ancillary accommodation arranged over lower ground and seven upper floors, and has a 50 m frontage along the north side of High Holborn.
Topland will be seeking offers in excess of €198 mln (£145 mln) for the freehold property which is let in its entirety to the UK Government for a further 23 years. The current passing rent is €6,550,382 (£4,789,611) per annum which reflects €5/m² (£41.76/ft²). 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.”
Source: Grenadier
