Herbal House, EC1 – an asset held by Ireland’s National Asset Management Agency – which was a former Daily Mirror building, has been bought by Allied London and Aerium.
The 114,111 sq ft building was on the market for £23m, reflecting a net initial yield of 6%. However, the development and investment company is believed to have paid closer to £26m.
Sold on behalf of Nama and former landlord Urban Solutions, the Back Hill property was constructed in 1928 by the Daily Mirror for its printing works.
It is let to the University of Arts until December 2013 at a rent of £1.5m pa, equating to £12.90 per sq ft. It is then likely to be redeveloped, with potential for offices, flats or a hotel.
Gerald Eve advised the vendor; Pilcher Hershman represented the buyer.
joanna.bourke@estatesgazette.com
