Warner Estate has confirmed the purchase of Cable House in central London from a private vendor for £44 mln (EUR 65 mln), reflecting a net initial yield of 5.51%. Cable House, at 56-62 New Broad Street, provides 57,000 square feet (over 5,000 m[sup]2[/sup] ) of Grade A office space. The listed building is let to Tullett Prebon Group at an annual rent of £48.55 per square foot. The building is held on a long leasehold from the Corporation of London.
Warner Estate has confirmed the purchase of Cable House in central London from a private vendor for £44 mln (EUR 65 mln), reflecting a net initial yield of 5.51%. Cable House, at 56-62 New Broad Street, provides 57,000 square feet (over 5,000 m2 ) of Grade A office space. The listed building is let to Tullett Prebon Group at an annual rent of £48.55 per square foot. The building is held on a long leasehold from the Corporation of London.
Michael Stevens, property director at Warner Estate, commented: 'This is a high-quality prime asset with plenty of management potential. Sitting opposite our existing holding in 55 Old Broad Street, this acquisition reaffirms our commitment to the fast growing City market, where rental expectations are encouraging.'
