Merivale Moore has bought a 125-year leasehold interest in Warwick House, 25/27 Buckingham Palace Road, SW1, from Grosvenor for £5.2m
The sale of the 20,800 sq ft (1,932 sq m) property, situated directly opposite the entrance to the Royal Mews, reflects a net initial yield of 7.1%. Completion is due on 18 January.
The property is let to seven tenants on nine leases with a total gross passing rent of £433,960 pa. The average office rent equates to £247.57 per sq m (£23 per sq ft).
Nelson Bakewell acted for Merivale Moore and Healey & Baker acted for Grosvenor.
Grosvenor has also sold a 125-year leasehold interest in 21/22 Grosvenor Street and 21/22 Brooks Mews, W1, to Gort Securities for £4.025m.
The sale of the grade 11-listed property reflects a net initial yield of around 6.75%. Completion is due on 31 January.
Nelson Bakewell acted on behalf of The Grosvenor Estate, while Gort Securities represented itself.
EGi News 03/12/02
