Rockspring has bought Cambridge Research Park from Clearbell for £21m.
The site includes 78,000 sq ft of office space in addition to 26 acres of undeveloped land. Construction is underway to deliver an additional 80,000 sq ft of office space.
It is understood the yield for the existing offices is around 8% on current income.
Nick Berry, partner at Clearbell Capital, said: “We are delighted to have completed the sale of Cambridge Research Park, delivering returns in line with business plan but earlier than anticipated. Cambridge remains a thriving centre for business and science and we are very pleased with what we achieved with Cambridge Research Park and we are pleased Rockspring will continue to build on our achievements.”
Rockspring will retain XLB Property as development and asset managers at the park.
Bidwells acted for Rockspring; XLB Property represented Clearbell.
