Commercial property
Sold 214-240 Cambridge Science Park, Milton Road, Cambridge CB4 0FZ

Summary

• Rare opportunity to acquire an 8.20 acre site in the heart of Cambridge Science Park (CSP) that is world renowned and the UK’s leading Science Park
• Cambridge is leading the UK’s research & development sector
• 214 – 240 Cambridge Science Park is a high quality office campus totalling 159,904 sq ft across 5 buildings in the centre of Cambridge Science Park
• Multi-let to 3 tenants with a total guaranteed rent from Feb 2021 of £4,446,040 pa that reflects a low passing rent of £27.01 psf on the let space offering significant reversionary potential
• WAULT of 6.48 years to expiries on the let space
• The property has a diverse income profile with building 216 being newly refurbished and let for 10 years, buildings 220 and 230 let to Bayer and Jagex for mid term reversionary income and a significant
• immediate re-development opportunity with buildings 214 and 240, subject to planning
• Unit 216 was fully refurbished and extended in 2020 at a cost of £7.2m providing new grade A offices delivered to a BREEAM Very Good status and the highest WiredScore Platinum rating
• Opportunity to increase massing by c. 30% immediately subject to obtaining necessary consents on upcoming vacancy at buildings 214 and 240. LDS have also looked at a wholescale redevelopment
• of the site and there is potential to increase massing by 2.5x (Subject to Planning)
• The Cambridge market has pre-let over 300,000 sq ft in the last 2 years with exceptional supply/demand dynamics with the Life Sciences sector continuing to grow
• Cambridge rental growth is expected to surpass £50 psf in the city centre and £37.50 psf on Cambridge Science Park
• Cambridge has excellent transport links into Central London
• Long Leasehold - 125 years commencing 25th March 1987 and expiring in 2112, therefore 92 years unexpired at a peppercorn
• Seeking offers in excess of £62,500,000 (Sixty Two Million, Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a NIY of 6.66% after allowing standard purchasers costs, and a low capital value of £391 psf