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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.

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.

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