Holborn office hits the market

A leasehold interest in a mixed-use block in Holborn, WC2, has been brought to market by its owner, the Trustees of Viscount Folkestone. The  77,812 sq ft 70 Chancery Lane is being marketed with an asking price of £76m, which reflects a yield of 5.2% and a price of £977 per sq ft. The buyer of the new 175-year long leasehold interest would also pay 10% of rents received in being marketed to the freehold owner. The building is single-let to engineering firm WSP for 15 years from June 2024 with five-yearly rent reviews. The offices were refurbished earlier this year, achieving EPC A and 4.5-star NABERS ratings. The asset also provides further income from seven retail units and nine residential flats. The gross rent brought in by the building is almost £4.7m per year. Knight Frank has been appointed to lead the sale. See which agents are doing the most deals in the Midtown market >>