UK's listed property company Brixton has bought the Mercury Centre complex in Heathrow, the UK, from Coal Pension Properties for some £11 mln (EUR 15 mln). This late 1980s estate comprises six units totalling 54,400 sq ft (5,060 m2) and generating rent of £485,000 per annum (£8.92 per sq ft). The purchase price reflects a net equivalent yield of 5.2%.
UK's listed property company Brixton has bought the Mercury Centre complex in Heathrow, the UK, from Coal Pension Properties for some £11 mln (EUR 15 mln). This late 1980s estate comprises six units totalling 54,400 sq ft (5,060 m2) and generating rent of £485,000 per annum (£8.92 per sq ft). The purchase price reflects a net equivalent yield of 5.2%.
Tenants on the estate include Sprint International Express, Shand Air Cargo and ‘K’ Line Air Service. King Sturge acted for Brixton with DTZ representing Coal Pension Properties.
'This is a good purchase for Brixton as it adjoins our Spacewaye Park where we have recently let a new unit at £13 per sq ft', said Tim Wheeler, Brixton's CEO.
