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Updated: University of the Arts London HQ to come to market seeking 5% yield

By Paul Norman - Thursday, July 12, 2012 16:05

The University of the Arts London’s headquarters at 272 High Holborn in London’s Midtown is set to come to market via the private Irish owner seeking a net initial yield of 5% or better, CoStar News can reveal.

Knight Frank has been instructed to sell the 80,000 sq ft building for in excess of £51m.

It is understood that the sale is on behalf of NAMA and the private Irish investor in a consensual sale.

KF said the building is expected to reflect a net initial yield of 5% or better to reflect the "highly reversionary, freehold nature of the asset".

The building benefits from a quasi-government covenant on a lease that runs for in excess of 17.5 years at a low passing rent.

University of the Arts signed for 71,065 sq ft of basement to ninth floor offices at the building at around £49.50 sq ft in 2009.

Prupim sold the building, then known as Princeton House, for around £42m in 2007 on behalf of the Prudential Life Fund to the private Irish owner ahead of its relocation from the building to Governor’s House and City Place House in the City.

pnorman@costar.co.uk