Brixton has exchanged contracts to purchase the 24 acre ex-Guinness Brewery site adjoining the A40 at Park Royal for a total consideration of €69.25 million from Diageo Great Britain Limited. Brixton plan to develop more than 500,000 sq ft of industrial and warehouse accommodation on the site probably in one phase commencing in 2007.
Completion is to take place between 15 November 2006 and 22 June 2007. If completion has not occurred by 23 March 2007 a stage payment of €44,09 million will be made and there is a mechanism for Brixton to adjust the final payment to reflect certain practical conditions that Diageo need to fulfil.
Tim Wheeler, Brixton's Chief Executive, commented:
"We were delighted to have been selected by Diageo to purchase this landmark site and look forward to continue working with them to prepare the site and progress the new link road at the earliest opportunity. This is just the type of scheme that Brixton has been looking to re-invest into post the £500m of sales earlier this year and is another indication of our faith and firm commitment to development and the West London market".
Savills advised Diageo on the sale with Brixton acting directly in this matter.