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418 & 436 Cambridge Science Park, Milton Road, Cambridge, CB4 0PZ

Leasehold

£35,575,000 / NIY 5.69%

Property Advisor

Saul Western

Partner, Head of Commercial

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Brochure

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).

Property specification

Two self-contained prime office and laboratory investments totalling 74,832 sq ft (GIA) and 66,608 sq ft (NIA)
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)
Longer term potential to redevelop or extend to achieve further densification of sites, subject to obtaining statutory consents
£35,575,000 / NIY 5.69%

Lease terms

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%.