Warner buys City's Cable House

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Warner Estate Holdings has bought Cable House, 56-62 New Broad Street in the City of London.

It paid the private vendor £44m for the Grade II listed property, a sale reflecting a net initial yield of 5.51%.

Cable House comprises 57,055sq ft of office space and is let entirely to broking firm Tullett Prebon at a rent of £48.55/sq ft. The property is held on a long leasehold from the Corporation of London.

Michael Stevens, property director at Warner Estate said: ‘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.’

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