Brixton has sold its first-ever acquisition, Kennington Park in south London, to Workspace Group for £56m.
The 333,000-sq ft mixed-use estate was acquired by Brixton in 1924 for £135,000.
The deal reflects a net initial yield of 6.2% and an increase of 6.5% over the December 2004 valuation figure.
Located on the corner of Brixton Road and Camberwell New Road, SW9, the estate comprises a mix of offices, light industrial and warehousing.
Brixton chief executive Tim Wheeler said: “Kennington Park was a continuous link with Brixton’s beginnings, but its predominance of office and studio space no longer fits with the company’s focus on industrial and warehouse accommodation, and the currently buoyant investment market offered an opportune time to effect an exit.”
Franc Warwick acted for Brixton. Workspace was advised by CBRE.
References: EGi News 19/08/05
