CCLA Investment Management Ltd on behalf of The Local Authorities’ Mutual Investment Trust acquired the leasehold interest in Unit 310, Cambridge Science Park from freeholder, Trinity College Cambridge for £18,645,000, reflecting a net initial yield of 6.15%. The property is an office and laboratory building approx 58,639 sq ft. It is let to AstraZeneca UK Ltd on a lease expiring in November 2018 at a rent of £1,356,864 per annum.
The investment has given CCLA the opportunity to invest on the UK’s most successful Science Park and. They benefitfrom future rental growth, in a location which currently has a shortage of office and laboratory availability and strong demand from occupiers.