The estate is let to nine tenants including Expeditors; Menzies World Cargo; Wincanton; HSS Hire and SI Properties and has one refurbished unit of 22,700 sf vacant. The current annual income is £2.757 million ($4.3 million) per annum, which shows a net initial yield of 5.6% on the purchase price, which will rise to 6.1% once the vacant unit is let. And once the next cycle of rent reviews are settled the yield is expected to rise to 7.3%.
This is the third major purchase at Heathrow by Brixton in the past year, following its acquisition of the 13-acre Polar Park site and the nearby Hatton Cross Centre. King Sturge acted for Brixton and Rogers Chapman acted for Haslemere.
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