Engaged to secure a purchaser for the ground rents of a substantial Client apartment development, Hyatt also played an additional innovative role in the resulting sale by coping with other key elements influenced by new legislation.
The Client was in the process of converting a number of office buildings into 55 Apartments. Hyatt was asked to find a purchaser for the ground rent investments on all apartments on leases of 999 years at commercial rates. A purchaser was found & this followed through to completion.
However, overall completion also depended on the handling of substantial telecommunications equipment to the roof of the building. The long lease for the equipment needed to be handled in parallel with the sale of the freehold of the building & the grant of the long leasehold interest in the apartments.
Without this intrinsic link full returns from third-party investment in the property could not be maximised.
Bob Hyatt sought & found a separate purchaser for the relevant equipment leases. Innovative documentation was necessary, which, in turn, needed to be linked in all regards to the ground rent investments purchase. Hyatt followed through with Solicitors to ensure that the dual elements of the deal were entirely complementary & secure.
Work on the ground rent & telecommunications investments secured substantial additional funds for the client. The experience, innovative approach & committed follow through is typical of the skills that Hyatt on Property bring to complex acquisitions.