Brixton Estate has bought three adjoining industrial estates in Hertfordshire for £31.8m.
The units at Ventura Park and the Wingate Estate generate a combined rent of £2.95m pa.
The properties are between the M25 and Bilton’s 9.3ha (23 acre) Radlett estate, where Bilton plans to develop a 23,225m2 (250,000 sq ft) business park.
Brixton bought Units A-D at Ventura Park, totalling 9,730m2 (104,734 sq ft), from Lazard Property Unit Trust for £8.2m, and paid Sun Life Assurance Society £6.1m for Units E and F, totalling 5,896m2 (63,466 sq ft). The deals represent net initial yields of 9.38% and 8.03% respectively. Brixton acquired the 27,105m2 (291,770 sq ft) Wingate Estate from Shell Pension Trust for £17.5m, reflecting a net initial yield of just over 9%.
DTZ Debenham Thorpe acted for Brixton while FPDSavills represented both vendors. Franc Warwick advised the developer on the Wingate acquisition. CB Hillier Parker acted for Shell Pension Trust.
