Hypo Property has paid £60m for three office blocks in London, Blackburn and Chesterfield, all of which are let to the government.
The company is paying £42.25m for the 118-year leasehold interest in the Metropolitan Police headquarters at 1 Drummond Gate, London, SW1. The 9,290 sq m (100,000sq ft) building is let for 35 years from 1983 on a net yield of 8.3%. The Crown Estate is the freeholder.
Hypo has also acquired the 3,205 sq m (34,500 sq ft) Orchard House in Blackburn, Lancashire, from Maple Grove Developments for £4.49m on a yield of 8.5%.
Finally it has bought the 9,290 sq m (100,000 sq ft) Boythorpe Road post office in Chesterfield, Derbyshire, from Peverill Securities for around £13m.
Hypo was represented by Jones Lang Wooton on the Drummond Gate purchase, while Aubrey Roberts advised the vendor, a Swedish consortium. On the Blackburn deal, DTZ Debenham Thorpe acted for Maple Grove and Andrew Hughes represented Hypo Property.
EGi News 06/12/96
