Friday 21st Oct 2016 - Logistics Manager

Half of Heathrow estates sold

Brixton has sold 50% of its interest in two major Heathrow estates to Prudential Life Assurance for £108.9M. The two holdings concerned areAxis Park at Langley and Heathrow Corporate Park (HCP).

Tenants at Axis, which totals 62,775sq m, include the Royal Mail, Allport, and Bridgestone. The park has two units available totalling 6,040sq m, although one of these with one of these (2,925 sq m) is currently under offer.

The HCP comprises 50,964sq m. Its tenants include Morgan Stanley and British Airways.

The properties are being held in a Limited Partnership – the Heathrow Big Box Industrial and Distribution Fund (“Heathrow Big Box”) – with Brixton and Prudential being 50:50 shareholders. The vehicle will have a ten-year life and has been geared with a £121M, five-year secured, non-recourse facility from The Royal Bank of Scotland.

Brixton’s wholly owned subsidiary, B-Serv, is employed as Property Manager for an index-linked fee and Brixton is providing a two year maximum rental guarantee on the two available units at Axis and six starter units totalling 1,219sq m.

CB Richard Ellis and Holley Blake acted for Brixton with Prudential represented by Lewis Ellis.

l Brixton is letting the last two remaining units, totalling 3,434sq, at Antura on Kingsland Business Park, Basingstoke to United Drug (UK) Holdings. The lease is for 15 years at £305,000 (£8.26 per sq ft), with a six-month rent free period. There is a tenant only break option at the end of the tenth year. This is the fourth deal at this 9,300sq m development in nine months.

The company has also started the 8,556sq m 16 unit, A10 Exchange development which forms an extension to its existing 10,600sq m Great Cambridge Industrial Estate in Enfield. Completion is expected in January 2005. The development will offer industrial/warehouse accommodation ranging from 224sqm to 1,252sqm with the potential to combine units to provide up to 3,720sq m.