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Our work - 05/09/2019

South Cambridgeshire District Council Buys £13 million Science Park Building

On behalf of Mayfair Capital Property Unit Trust

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LSH has completed the sale of 140 Cambridge Science Park on behalf of Mayfair Capital Property Unit Trust to South Cambridgeshire District Council for £13m.
 
The two‐storey Grade A office building, 140, is located on Cambridge Science Park.

The building has been sold with current tenants, DisplayLink, on a 15 year lease. The rent generated by the building will provide South Cambridgeshire District Council with a return of around 5.6% with 91 years remaining on the LLH.
 
Charlie Lake, Capital Markets Director at LSH who led the investment sale commented: “We are delighted to have completed this sale on behalf Mayfair Capital. The result is testament to the demand for a rare opportunity to invest on the world renowned Cambridge Science Park, where the occupational market dynamics remain extremely compelling".
 
Laura Sweet, Mayfair Capital, said, “This asset was acquired by Mayfair Capital Property Unit Trust in 2011 as a result of our “Thematic” conviction in the Cambridge market. The business plan of obtaining vacant possession and undertaking a comprehensive refurbishment was successfully completed in 2015 with the entire building being leased to DisplayLink on practical completion of the works at a leading rent for the Science Park. Mayfair Capital continue to look for further opportunities to invest in the Cambridge market”.
 
Will Rooke, Partner, Carter Jonas, commented, “Following the recent adoption of the Council’s commercial investment strategy, we were pleased to be able to identify for them a relatively off‐market opportunity to acquire a safe, income producing asset, the characteristics of which fulfil their investment requirements, on an established park within their administrative area”.

 

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