7th Feb 2014 07:41
LONDON (Alliance News) - Quintain Estates & Development PLC Friday said it has exchanged contracts to acquire a 21-year leasehold interest in Kingsbourne House at 229-232 High Holborn, London, and part of the adjacent 226 High Holborn for GBP13.7 million in cash.
Kingsbourne House is a recently refurbished office building next to Holborn Underground station. It is substantially let to nine tenants with a contracted rental income of GBP1.2 million, rising to GBP1.4 million on completion of an agreed letting, representing an initial yield of 10%, Quintain said.
"This area of Midtown is transforming rapidly, supported by significant infrastructure spend. The acquisition of this key site in Holborn delivers a strong income stream to the Group in the medium term, whilst offering exciting future asset management and development opportunities," Chief Executive Maxwell James said in a statement.
Quintain has bought the property from Dorrington Properties PLC.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Quadrise