TR Property Investments Trust sell Cambridge office building
18 June 2010TR Property Investment Trust Plc, managed by Thames River Capital LLP, has completed the sale of the leasehold interest in Unit 270, Cambridge Science Park, Cambridge to Sanderling Estates LLP for £6.7m reflecting a net initial yield of 9.0%.
The 38,900 sq ft office building, built in 1989, is let in its entirety to RBS Worldpay on a lease expiring in December 2015 at a gross rent of £750,000 per annum (£19.28 per sq ft overall).
The property is held on a 125 year lease expiring in December 2112 at a geared rent of 15% of the rents receivable. The freehold is owned by Trinity College, Cambridge.
Bidwells acted for TR Property Investment Trust Plc while Sanderling Estates LLP was represented by Hartnell Taylor Cook and Bray Fox Smith.
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