The Bedford Estates has bought the headquarters of Time Out magazine from British Land for £14.1m.

The company, which has owned much of the Bloomsbury area in central London since 1669, has bought the 28,000 sq ft office on Tottenham Court Road at a net initial yield of around 8.75%.

Time Out has a lease until September 2018 with a tenant break in 2013.

Two ground floor shops are let to electronics retailers until 2013 and 2014.

The Bedford Estates has a long term plan to increase its holdings in the area, especially along the eastern side of Tottenham Court Road.

Farebrother acted for the Bedford Estates, British Land was unrepresented.