Wright & Partners were approached to advise a religious body in connection with a substantial church property close to Marble Arch, constructed in the 1920s following an agreement to acquire the freehold interest from the Portman Estate.
It was apparent from studying the legal documentation that the freehold title contained a restrictive covenant which imposed an obligation on the church body to sell the property back to the estate at a price well below the open market value. As the church wanted to acquire smaller premises in the area they needed to realise sufficient funds from the sale of their existing property.
Following discussions with the estate it was apparent that whilst they were willing to reach a compromise with regards to price any deal for them to acquire the freehold was conditional upon a suitable tenant being found and, accordingly, Wright & Partners were instructed to identify a suitable occupier on a discreet basis.
Our efforts identified the well known Sylvia Young Theatre School as a potential occupier and terms were agreed for the sale of the freehold to the Portman subject to a new 75 year lease being acquired on the property by the theatre school.
Following substantial refurbishment works Sylvia Young’s new teaching facility of approximately 40,000 sq ft is now fully functioning. As a consequence of these transactions Wright & Partners were retained to dispose of the schools existing premises at 6 Rossmore Road and also to acquire new church premises for the Christian Science Church in the Marylebone area.
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