The 24-acre estate is situated immediately to the north of the A406 North Circular Road. It provides approximately 600,000 sf of industrial and warehouse space in 54 units. The initial income of £3.5 million ($6.5 milion) per annum provided a net initial yield of 6.5%, and a reversionary yield of 7.9%. The equivalent yield is 7.7%.
The purchase brings Brixton's holdings in the Park Royal area to more than 2.8 million sf of built space. Chief executive Tim Wheeler says: "We were particularly attracted by Northfields prominent location at the northern gateway to Park Royal, its direct access to the North Circular Road and the low average passing rent of £6.25 ($11.40) per sf. It offers critical mass and many short and medium term opportunities for improvement."
Brixton was represented by King Sturge & Co. Franc Warwick acted for Burford.
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