Commercial property
Under Offer Prime Office and Laboratory Life Science Investments - 418 & 436 Cambridge Science Park, Milton Road, Cambridge

Summary

• Cambridge is a key centre for UK science and technology sector
• Rare opportunity to invest in Cambridge's exceptional office and Life Science sector
• Two self-contained prime office and laboratory investments totalling 74,832 sq ft (GIA) and 66,608 sq ft (NIA)
• Located on the internationally renowned Cambridge Science Park
• Let to the strong covenants Astex Therapeutics Ltd (5A1 D&B rating) and  Takeda Cambridge Ltd (3A1 D&B rating)
• Tenants have heavily invested in the units having completed an extension and/or extensive laboratory fit out
• Long average weighted unexpired lease terms of 10.55 years with no breaks
• Unit 418 with rent reviews to higher of OMV or RPI collared at 2%pa and capped at 3.5%pa
• Unit 436 with rent reviews to higher of OMV or notional office built in 2002 with NIA of 36,389 sq ft
• Total net income of £2,182,442 per annum (averaging £32.40 per sq ft GIA overall)
• Reversionary rents
• Longer term potential to redevelop or extend to achieve further densification of sites, subject to obtaining statutory consents
• Our client is seeking offers in excess of £35,575,000 subject to contract and exclusive of VAT for its long leasehold interests. A purchase at this level would show the following minimum yield profile.  As the proposed transaction structure cannot be treated as a Transfer of a Going Concern, we have calculated purchaser's costs to be c7.75%

• It is our client's preference to sell both buildings in a single transaction. Offers for the individual buildings will be considered.