Orchard Street Investment Management has acquired two office blocks on St Andrews Street in Cambridge for £15.2m.
The £15.2m paid to AXA Real Estate reflects a net initial yield of 8.2%. The acquisition was made on behalf of St James’s Place property funds.
The portfolio includes 40,716 sq ft St Andrews House, which has a passing rent of £17.80 per sq ft, and two-storey, 41,737 sq ft Radio House, which brings in £15 per sq ft.
Chris Bartram, chairman of Orchard Street, said: “This multi-let investment provides diversity of income with solid growth potential and multiple asset management initiatives.”
Lambert Smith Hampton advised Orchard. AXA was not represented.
joanna.bourke@estatesgazette.com
