Brixton Estate has sold 1-7 Stoke Road, Guildford to the Wellcome Trust for £12.15m. The property, which Brixton externally valued at £11.6m on 30 June, comprises 3,497 sq m (37,646 sq ft) of office space.
The annual income from the property, which was developed and leased by Brixton in 1992 to solicitor Clyde & Co for 20 years, is £1.1m pa (£29.33 per sq ft) reflecting a net initial yield to Wellcome of 8.59%.
The sale is consistent with Brixton’s strategy of divesting of non-prime office investments to concentrate on the industrial and warehouse sectors in the South East.
Jones Lang LaSalle acted for Brixton. Pepper Angliss & Yarwood and Healy & Baker acted for the purchaser.
EGi 15/08/00
