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Brixton Raises $32M with Rickmansworth Sale

LONDON-Brixton has sold Drake and Swan House, Homestead Road, Rickmansworth, Hertfordshire for pounds 18.25 million ($32 million) representing a net initial yield of 7.55%.

By Graham Parker | Updated on December 08, 2003

LONDON-Brixton has continued the process of focussing its portfolio on large industrial assets with the sale of two suburban office buildings, It has sold Drake and Swan House, Homestead Road, Rickmansworth, Hertfordshire to Zamora for £18.25 million ($32 million) representing a net initial yield of 7.55%.

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.

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