Orchard Street Investment Management has bought five Cambridge warehouses £5.9m at a yield of 5.5%.
The sheds are part of Cambridge Commercial Park, and are let to six tenants with a combined annual rental income of £344,151. Current occupiers include Cambridge Consultants, Heat Group UK, Cambus, Rexel and Conductive Inkjet Technology.
The deal follows on from Orchard Street’s £80m forward-funding of One the Square, a 142,000 sq ft office and retail property close to Cambridge station, being developed by Brookgate.
F&C REIT Asset Management Dublin acted as investment manager on behalf of the vendor. Orchard Street was advised by MP Real Estate. F&C REIT Asset Management was advised by Bidwells.
Orchard Street currently has £4bn of assets under management.
sophia.furber@estatesgazette.com
