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

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Sold

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

Leasehold

£62,500,000 / NIY 6.66%

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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

Property specification

  • 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
  • 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
  • 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
  • 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

Location

Cambridge Science Park is located near to Cambridge North, the city’s second mainline railway station. This runs direct services to London. The existing Guided Busway connects with the station.

Location

Cambridge Science Park is located near to Cambridge North, the city’s second mainline railway station. This runs direct services to London. The existing Guided Busway connects with the station.

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