DTZ Investors launch London sale
DTZ Investors has initiated the sale of 124 Theobalds Road, London. It comprises 81,110 sq ft of offices over basement, ground and eight upper floors and is located in MidTown, a short distance from Holborn tube station. The building has an annual income of £2,525,000 and is fully let to MediaCom Holdings Ltd (89% of the income) and Cable & Wireless UK (11% of the income), on co-terminus leases expiring in September 2022. The rent is reversionary (currently equates to £35.18 psf) with a review in 2017 which is subject to the higher of open market rent or a fixed sum. The vendor will underwrite to the minimum level of £311,137 therefore providing £2,836,137 per annum. Offers are sought in excess of £64m reflecting a net initial yield of 4.2%. For more information please contact the retained selling agents Richard Bullock at Savills, (Tel: 020 7409 8006) and Aidan Meynell at Struff & Parker (Tel: 020 7318 5018).