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Brixton Adds 600,000 SF to Park Royal Portfolio

LONDON-Industrial specialist Brixton has paid $94 million for the 600,000-sf Northfields Industrial Estate in Park Royal, North West London.

By Graham Parker | Updated on February 03, 2004

LONDON-Brixton has added to its local industrial portfolio with the acquisition of the Northfields Industrial Estate in Park Royal. It has paid Burford £51.5 million ($94 million) for the 600,000-sf estate and some adjoining properties. And at the same time it has paid British Waterways Board £0.6 million ($1 million) to buy out a residual long leasehold interest.

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%.

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