Orchard Street acquires Cambridge offices

Two office buildings purchased from AXA Real Estate for £15.15m

Article posted: 19 Dec 2011

Orchard Street Investment Management LLP, the specialist commercial property investment manager, has completed the acquisition of over 80,000 sq ft of office space in Cambridge with the purchase of St Andrews House and Radio House from AXA Real Estate for £15.15 million, reflecting a net initial yield of 8.2%. The acquisition was made on behalf of St James’s Place property funds.

St Andrews House (pictured), a purpose built three storey office building completed in 2001, provides 40,716 sq ft of Grade A accommodation. The building is currently let to six occupiers with average passing rents of approx. £17.80 per sq ft. Radio House is an attractive two storey office/research and development building totalling 41,737 sq ft let to Sepura Plc until April 2017. Passing rent is around £15.00 per sq ft.

Commenting on the acquisition Chris Bartram, Chairman at Orchard Street, said: “Located in the heart of Cambridge’s thriving economic area, St Andrews House and Radio House are excellent additions to the St James’s Place property portfolios. This multi let investment provides diversity of income with solid growth potential and multiple asset management initiatives.”

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Posted by Jo