Brixton Estate has sold Leon House, Croydon to Israeli investor Nazca Properties for £27.25m.
The property comprises 22,296 sq m (240,000 sq ft) of office and retail and has a current income of £3.28m pa, showing a net initial yield of 11.4%. Lease expiries are due to take place on 10,591 sq m (114,000 sq ft) of the space in 2001, accounting for some 44% of the income.
Tim Wheeler, Brixton’s chief executive, commented: “The sale is consistent with our strategy of divesting of our secondary lower performing office buildings and of concentrating on the industrial and warehouse sectors in the South East.”
EGi News 12/07/00
