Compco Buys in Midtown

LONDON-Compco Holdings has ought the freehold of Staple Inn, a group of listed buildings in Holborn, London WC1, from the Prudential for £14m million ($20.5 million).

The listed buildings, with one of London’s best preserved Tudor facades which dates back to 1545, comprise 1-10 Staple Inn, Staple Inn Hall, Staple Inn Buildings North and South, 1-4 Holborn and 335-338 High Holborn, and have been owned by the Prudential since 1886.

The properties provide 42,000 sf of offices together with five shops, producing a current income of £961,500 ($1.41 million) which Compco says is significantly reversionary. Tenants include the Institute of Actuaries, the Chartered Institute of Patent Agents, Vodafone and Sketchley.

Nigel Ross, Joint Chief Executive of Compco Holdings, said: ‘This acquisition is in line with Compco’s policy of acquiring Central London properties where there are still significant growth prospects, and, in particular, of expanding our Holborn portfolio. We now own 41 buildings in the area and would be happy to acquire more.’Farebrother acted for the Prudential.