Brixton plc has bought Heathrow Causeway, a 59,000 ft² industrial estate on the Great South-West Road, Heathrow for approximately €18 million (£13.05 million) from Legal & General Assurance Society. The property is located opposite Brixton's 310,000 ft² Heathrow Estate and on the same stretch of the A30 as its planned 2 storey 241,000 ft² X2 development.
The price reflects a net equivalent yield of 4.8% (net initial yield of 4.7% and net reversionary yield of 5.2%) from the rental income of £650,975 pa (£10.98 per ft² overall) which includes a 12 month rent guarantee of £83,000 (£11.68 per ft²) on a newly refurbished and available 7,100 ft² unit.
Built in the mid-1980s, the estate provides 8 units ranging from 6,000 to 9,000 ft² and the tenants include Infoteam International, Granada Properties, Carter Refrigeration and Rapiscan Security Products.
Brixton was advised by M3 with King Sturge acting for Legal & General.