January 13, 2015
Buccleuch Property has invested in the buoyant Cambridge office market with the purchase of Mill Court office park from the receivers to the previous owners for £6.35 million. The development comprises almost 40,000 sq. ft. of office space within landscaped surroundings in a strategic location next to Shelford railway station on the south side of Cambridge. It is currently multi-let to 15 tenants and offers high quality accommodation at affordable rents, in an area that is facing a shortage of supply in the current market.
Spread across five office buildings, the open plan accommodations offers flexible floor plates to suit a wide range of occupier requirements with the potential to sell some units for owner occupation.
To coincide with the deal, Buccleuch Property has entered into a new partnership with Wrenbridge, a Cambridge based property company.
The joint venture will work together to maximise the asset management potential through development and rental opportunities at Mill Court, with a view to considering further investments in the region.
Cambridge is the fifth fastest growing city in the UK, with one of the most prosperous office markets. Mill Court is an established office scheme that is only 2 miles from Astra Zeneca’s new 400,000 square foot HQ, and provides easy access to the city centre. Nick Waugh, investment director of Buccleuch Property commented: “Cambridge is an area where we have been considering investment for a long time as the market continues to go from strength to strength and the availability of quality office accommodation reduces. Mill Court has been in receivership and provides us with a high quality scheme with a number of interesting asset management opportunities. Likewise working with Wrenbridge, will bring excellent local experience and knowledge of the area.”
Ben Coles, Wrenbridge chief executive said: “We are delighted to be working with Buccleuch in the next phase of transformation at Mill Court where we have been an occupier ourselves for 16 years. We have an exciting asset management plan for the park including the vacant units where we may sell units off on a freehold basis.”
Author: Cambridge News