It and gives purchaser ING Property Income Fund a 1970s estate comprising 24 units totalling 276,000 sf. The estate was assembled by Brixton in four separate tranches from 1996-1998.
In spite of the current pressures on commercial property values, the price paid is 3.25% more than the valuation of £17.12 million ($26 million) placed upon the estate at the end of 2002. The total passing rent is just ahead of £1.2 million ($1.8 million) and Brixton is providing a rent guarantee for five currently vacant units and four that may become vacant during the period to January 2005.
CB Richard Ellis advised Brixton on the sale. Nelson Bakewell, Hennings Hume and Ashkirk Properties--which will manage the property--represented ING.
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