Slough Estates has sold three buildings at its Cambridge Research Park site to Zurich Assurance for £24.9m a 7.04% initial yield.
Buildings 1000, 2000, and 9000 comprise three office buildings totalling 124,000 sq ft and provide a rental income of £1.9m pa.
Slough Estates plans to retain the remaining 78,000 sq ft of business space, along with almost 11 hectares of development land, for which it said it has already had interest from a number of parties.
The sale follows the recent pre-letting of a 31,280 sq ft regional fire control centre at Cambridge Research Park to the Office of the Deputy Prime Minister on a 25-year lease.
Regional director John Danks said: “This transaction is part of our active acquisition and disposal programme – in line with Slough’s strategy of trading stock and recycling capital across the UK portfolio.”
He added: “This sale confirms the appeal of our facility at Cambridge Research Park within the investment market.
“Our remaining land on this site presents substantial development opportunities within the M11 corridor.”
CB Richard Ellis advised Slough Estates; Jones Lang LaSalle acted for Zurich Assurance.
References: EGi News 20/02/06
