Hallway Properties have sold the long leasehold interest in Octavia House, 50 Banner Street, London EC1 for £14.5 million to Threadneedle Pensions Limited.
The headlease held on a peppercorn from the Church has 91 years remaining.
The fully let property provides some 22,385 sq ft of reversionary office space let to 4 tenants with a low average overall rental of under £23 psf. The price reflected a net initial yield of approximately 3.3% and a capital value of £685 psf.
Hanover Green represented Hallway Properties on the sale.