Topland Group has agreed to sell Star Wars producer LucasFilm’s West End home for its visual effects division to the Medical and Dental Defence Union of Scotland.
MDDUS has exchanged contracts to buy Hend House at 233 Shaftesbury Avenue, WC2, for round £21.5m.
The deal comes after CBRE was appointed to sell the 14,558 sq ft asset in October 2014. Offers in excess of £20.5m were sought, reflecting a 4% net initial yield.
The building is let entirely to Industrial Light & Magic, and generates rent of £866,000pa. It is let to 2024.
Topland managing director Mark Kingston said: “We acquired an empty building off market very competitively, having identified the quality of the building and its improving location near Crossrail. We leased the entire building to a quality tenant and then took advantage of the strength of the investment market. This was a fantastic deal for us and demonstrates the rewards of our move into more active asset management.”
Daniel Watney acted for the buyer.
