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Whitehall Office Investment Purchased

12 April, 2010

Highclare Properties Limited has acquired 15 Whitehall, an freehold office investment, for £13.6 million from Northern Trust.

The refurbished eight storey office building comprises some 18,246 sq ft with a public house on part ground and basement extending to 1,804 sq ft. The property is prominently located on the east side of Whitehall overlooking Trafalgar Square and directly opposite the Whitehall Theatre. 

The offices were substantially rebuilt in the 1970's behind the period facade and refurbished in 2007 to provide top quality air conditioned accommodation.  The building is let on six separate FRI leases to three tenants generating an income of £714,910 per annum. and the occupiers include the South African High Commission (for their Visa office) and the Council of Local Authorities and International Relations. Over 60% of the income is secured for a further 13 years. The top two floors are vacant and available to let at a quoting rent of £39.50 per sq ft.

The deal reflects a net initial yield of 5% rising to close to 6% once the vacant floors are let.

Hartnell Taylor Cook LLP's London office advised the purchasers, Highclare Properties Ltd.