Pied Bull Yard, London, WC1

Daniel Watney’s Capital Markets team have acted on behalf of Davy’s of London to dispose of Pied Bull Yard, London, WC1 to a private purchaser.

The mixed-use building has 9 commercial units let to 8 tenants with a WAULT of 6.87 years to expiry and 4.54 years to breaks and generates a total annual income of £397,512. The residential upper parts consist of 32 flats. Our client achieved a sale price of £6.84m which represented a NIY of 5.45%.

Daniel Watney is delighted to have sold the asset for our longstanding client after managing the asset for a number of years. Despite the wider market turmoil, Pied Bull offers a low vacancy rate with recent record lettings, underpinned by its close proximity to The British Museum. Davy’s of London has signed a new 20-year lease on the Truckles wine bar unit, which will help reinforce high levels of footfall in the courtyards.

Thank you to the purchaser’s agent Howard Brecker at Robert Irving Burns. If you would like to hear any further information on this transaction then please get in touch with Richard Garner or James Frost.