Cambridge office sale announced

Office design news from Morgan Lovell

Published on 28-10-2010

TR Property Investment Trust has completed the sale of Cambridge Science Park for £6.7 million to a private property fund.

Overall, this realises a net yield of nine per cent for the firm, Free Office Search reports.

According to the news provider, the freehold of the property is owned by Trinity College of Cambridge University. However, the 38,900 sq ft development is currently let to RBS Worldpay at an annual rent of £750,000 until 2015.

The development was constructed in 1989 and presently offers a geared rental return of 15 per cent. The leasehold was set up for 125 years and will expire in 2112.

Elsewhere in the region, the £540 million One New Change shopping centre in central London is set to incorporate a considerable amount of office space - up to 330,000 sq ft.

This will be alongside a vast amount of retail space, with brands such as Banana Republic and Hugo Boss set to take up residence at the mixed-use site.

Posted by Ian Johnson