Lynton Property & Reversionary are buying Midhurst Investments, a company whose main assets are two central London buildings, from Wereldhave NV for £8.5m.
Midhurst hold the long leaseholds — 114 years unexpired — in Ebury Gate and Belgrave Court, on the corner of Lower Belgrave Street and Ebury Street, SW1. Ebury Gate, a 45,000-sq ft office building is let to SIA, owned by a French government agency.
The building includes 46 parking spaces and two retail units, and produces a total net income of £630,000 pa. With the rents on the offices currently at £12.50 per sq ft, Lynton expect a significant rise on review, due in March 1989.
Belgrave Court is a block of 67 flats and 23 parking spaces, let on a single long-term lease expiring 37 years before the headlease. Lynton, who were advised by Jones Lang Wootton, will be financing the purchase from their own resources.
