Topland Group has successfully sold the freehold interest in First Avenue House, High Holborn to an investor from the far east for £154 million.
First Avenue House occupies a highly prominent site on the north side of High Holborn. The property comprises approximately 112,274 sq ft of office and ancillary accommodation let in its entirety to the First Secretary of State until September 2038 with the rent subject to fixed uplifts of 2.5% per annum.
The property is in active use as a Court Room facility with 29 separate Court Rooms in addition to Chambers, offices and ancillary space. There are also areas for the general public with associated amenities.
First Avenue House provides a crucial role in the British judiciary system, acting as the Central Family Court for London which predominantly hears cases relating to matrimonial issues, family matters and probate.
The property offers a number of future asset management opportunities including extensive refurbishment, extension, conversion or full redevelopment to substantially increase the building massing.
Savills represented Topland Group. Knight Frank represented the purchaser.
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For further information, please contact:
Andrew Jefford, Grenadier Tel: 020 7834 6263