Brixton plc announces that it has sold two buildings forming part of its Kingsland Business Park in Basingstoke, United Kingdom.
They have been sold to the existing tenant Oxoid Limited for a cash consideration of £6,999,750 (approx. €6,855,107) and this is slightly above the December 2008 valuation. The sale price reflects a net initial yield of 9%. Oxoid was paying a combined rent of £667,500 (approx. €653,707) per annum for the properties under two leases which were due to expire in September of this year.
The property predominantly comprises a north lit factory totalling 119,000 ft² on a self-contained island site of around five acres.
Following the sale, Brixton will retain a total of 677,000 ft² in 49 units at Kingsland Business Park.