Trinity College, the owner of Cambridge Science Park, has agreed terms for a letting at half the park’s quoting rent.
The deal to Owlstone Technology will see the nanotechnology firm double its space on the park, taking 10,000 sq ft of fitted lab and office space, at a rent that is understood to be below £11 per sq ft. The unit was marketed two years ago at £22 per sq ft.
Owlstone is believed to be taking a five-year lease, with rolling mutual breaks after half the term, at unit 9B on what was the first phase of the 40-year-old park. The lease has been agreed with limited obligations for either side to repair to allow for possible redevelopment of this part of the park.
Take-up in Cambridge’s laboratory market has been slipping. Research by Carter Jonas shows that just under 70,000 sq ft was signed for in the fourth quarter last year against a quarterly average of around 136,000 sq ft in 2011.
Blackwell Consulting acted for Owlstone; Bidwells represented Trinity College.
nadia.elghamry@estatesgazette.com
