The Reuben brothers are again eyeing Ashdown House in Victoria, London SW1, which has been put on the market for the second time this year.
Acting through their property adviser, Motcomb Estates, the pair was poised to buy the long leasehold interest of the 250,000 sq ft (23,200 sq m) building in the summer for £110m.
But the sale collapsed because of problems encountered transferring the leasehold interest on the building from a US company to its UK subsidiary.
The lease on Ashdown House is held by a US-based consortium, which includes Black Jack Dellals Allied Commercial, while the freehold is owned by the Church Commissioners.
Now a joint sale is being planned with both the leasehold and freehold interests being offered for £133m – around £23m more than the previous asking price for just the lease.
An insider at Motcomb, which is also set to buy the £125m Millbank Tower, SW1, confirmed that the company was again considering a deal.
He said: “There were accounting issues in the US last time, but they have been straightened out now.”
The building is let to the government for 25 years with a rent review next year.
Nelson Bakewell is acting for the Church Commissioners, while Cushman & Wakefield Healey & Baker is advising Allied Commercial.
EGi News 02/12/02
