27 / June / 2016
DTZ Investors completes on the sale of 124 Theobalds Road, WC1.
DTZ Investors completes on the sale of 124 Theobalds Road, WC1.
The freehold building has been sold to a Turkish Investor for £65.75m, which reflects a net initial yield of 4.04% and a capital value of £811 psf.
124 Theobalds Road is MediaCom’s headquarters and is majority let to them until September 2022 with a rent review in September 2017 at a passing rent equating to £35.18 psf on the main office floors.
The building, which comprises 81,110 sq ft over basement, ground and eight upper levels, was constructed in the 1950s and underwent a significant refurbishment in 1991.
Kevin O'Connor, Senior Director at DTZ Investors, said the sale of the asset was in line with Fund strategy to diversify assets through recycling of capital from sales to reinvest in other sectors and locations. The asset was competitively bid for and the price achieved indicates that there is still a strong market for good quality central London stock.
Strutt & Parker and Savills advised DTZ Investors, Michael Elliott advised the buyer.
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