Brixton Estate has bought five distribution units at Axis Park in Slough from MEPC for £103.25m.
The distribution Park totals 57,784 sq m (622,000 sq ft) and tenants include the Post Office, Allport Freight, Bridgestone and Colo.com. The park produces a total income around £6.58m pa. The acquisition shows an initial yield of 6.1% with a reversionary yield of 6.5%.
Tim Wheeler, Brixton’s chief executive, commented: “This is an excellent acquisition for Brixton. It follows the purchase last year of Premier Park and the potential we hope to realise at Greenford Park by creating a portfolio of the best Distribution Park space around the prime parts of the Capital.”
Last month Brixton bought Metropolitan Park in Greenford for £79m from MEPC. MEPC will develop the remainder of their ownership at Axis Park – two office buildings totalling 9,290 sq m (100,000 sq ft) and a 3,066 sq m (33,000 sq ft) high office content industrial unit.
Brixton was advised by Insignia Richard Ellis and Franc Warwick acted for MEPC.
EGi News 06/09/00
