London & Associated Properties (LAP) has exchanged contracts to sell both Market Row and Brixton Village in Brixton for €42.3m (£37.25m) to a private group of property companies. Brixton Markets were let in their entirety in 2011 to Market Village Ltd and currently produce a combined net income of c. €1.36m (£1.2m) per annum.
LAP acquired Brixton Markets as part of the Atlantic Group of Companies in 2006. Their last combined published book value at December 2016 was €27.8m (£24.5m). €18.2m (£16m) of the proceeds will be used to repay existing debt.
John Heller, LAP Chief Executive, said: “Brixton Markets were in a state of decline when we acquired them, with significant levels of voids. Following a programme of intense and proactive management, we are proud that today they are home to arguably the most vibrant restaurant scene in London. We will now look for new projects where we can use our management skills to create similar strong levels of growth”.
