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      Acquisition of rare freehold self-contained city centre office investment in Cambridge

      37 Hills Road, Cambridge

      Client
      Elwood Fund Management

      Price
      £7.5m

      Net initial yield
      4%

      Services provided

      Acting on behalf of Elwood Fund Management, Bidwells have acquired 37 Hills Road, Cambridge, a rare self-contained freehold city centre office investment let to a highly successful Cambridge technology foundation.

      The property comprises around 10,500 sq ft of warehouse style office accommodation with 11 car spaces, let to Raspberry Pi Foundation for 10 years with effect from 30 June 2018 at a current annual rent of £323,533 per annum equating to c£32 psf. There is a rent review and tenant break option on the 5th anniversary of the term.

      Bidwells acquired the property in an off-market transaction for £7.5m reflecting a net initial yield of 4%. The rent is reversionary offering potential for future rental growth an asset management potential to enhance the density of development on site.

      The Raspberry Pi Foundation is a UK-based charity that works to put the power of computing and digital making into the hands of people all over the world.

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