Brixton plc has exchanged contracts to sell Penistone Road Industrial Estate, Sheffield for £3.085 mln. to Elmsdale Estates Ltd (a City Estates company), with completion due 17 February 2006. The price reflects a net initial yield of 4.7%.
The property comprises approximately 29,400 sq ft and is let to 17 tenants producing a total net income of £152,772 per annum on expiry of a short rent free. There are two units vacant totalling 5,128 sq ft.
The price paid for this Industrious property reflects a 40% increase over the apportioned acquisition price paid by Brixton in January last year and an uplift of 27% from the June 2005 half-year valuation figure.