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Merivale Moore Buys Victoria Office Investment From Grosvenor

LONDON-Merivale Moore has bought a 125-year leasehold interest in Warwick House, 25/27 Buckingham Palace Road, London SW1 from the Grosvenor Estate to show a 7.1% yield.

By Graham Parker | Updated on January 07, 2002

LONDON-Merivale Moore has paid £5.2 million ($7.5 million) for a 125-year leasehold interest in Warwick House, 25/27 Buckingham Palace Road, SW1. The purchase price equates to £250 ($360) per sf and reflects a net initial yield of 7.1%.

The late Victorian property is located in a prominent position on the East side of Buckingham Palace Road, directly opposite the entrance to the Royal Mews. It provides a total net floor area of 20,800 over basement, ground and five upper floors.

Warwick House is let to seven tenants on nine leases, producing a total passing rent of £433,960 ($625,000) per annum equating to £23 per sf for the offices, compared with Merivale Moore’s estimated rental value of £30 per sf.

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