Daniel Watney acted on behalf of The Medical & Dental Defence Union of Scotland (MDDUS) to successfully complete the off market sale of Bracton House, 35 High Holborn, WC1. The property was fully refurbished in 2014, and the offices fully let to Warner Bros Television Production UK Limited.
Located close to Chancery Lane underground station, the building was sold to a Far Eastern investor for £22million reflecting a net initial yield of 4.32% and a capital value of £1,008 per sq ft.
Time Warner’s lease on the office expires on 5th October 2024, with a passing rent of £815,00 per annum. The ground floor retail unit is let to Dining Innovations UK Ltd until 27th March 2039 at a rent of £200,000 per annum.
Richard Garner, Capital Markets partner at Daniel Watney LLP, commented “We are delighted to have successfully completed the business plan on this asset for our long-standing client, MDDUS. The sale price represents a premium above the most recent valuation and an excellent return on our client’s initial purchase. It demonstrates the underlying strength of investor demand for securely let Midtown investment opportunities”.