The property was developed by Brixton in 1991 and comprises two self-containedair-conditioned office buildings totalling 70,322 sf with 245 car spaces.Drake House is let to BACS on a new 20 year lease from October 2003 with a tenant option to break at the 15th year at £773,110 ($1.33 million) per annum reflecting £20 ($35) per sf. Brixton will cover the rent-free period that expires in October 2004. Swan House is let to Comet Group on a 25-year lease from June 1992 with a tenant break option in June 2009 at £685,000 ($1.2 million) per annum reflecting £22.27 ($39) per sf.
The disposal continues Brixton's strategy of selling more peripheral non-coreassets and this reduces its portfolio exposure to the office sector to less than 12% out of a total £1.5 billion ($2.6 billion.)
CBRE acted for Brixton and Zamora was advised by DTZ.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
