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Investment bank acquires Cambridge Science Park building for £50.1 million

Investment bank acquires Cambridge Science Park building for £50.1 million

US investment bank Morgan Stanley has acquired a prominent office building at 101 Cambridge Science Park for £50.1 million after a competitive process which attracted strong interest. Savills completed the deal above the guide price for a client of LaSalle Investment Management. Current tenants at the near-80,000 sq ft Grade A office building include Citrix, Huawei and Grant Thornton.

James Vivian, director in the office investment team at Savills, said: “This was an attractive investment opportunity situated on one of Europe’s most established and successful science parks. The life science and tech sub-sectors of the office market have been incredibly resilient over the past year and following a competitive process, which attracted strong demand, we are delighted to complete this sale on behalf of our client for over the guide price.”

…whilst take-up of space stays buoyant

Strong activity across the life sciences and tech sector has meant that all of Cambridge’s existing available laboratory space - totalling 29,438 sq ft - is currently under offer. Take-up of office and laboratory space in the Cambridge property market hit 193,334  sq ft in the first half of 2021, according to Savills, broadly in line with the 10 year average and dominated by life science and tech occupiers, who account for over two thirds of deals. Wider availability, including offices, currently stands at 950,194 sq ft and has been bolstered by the completion of Trinity College and TusPark’s Building 2 Cambridge Science Park, a 118,000 sq ft speculative development. In the development pipeline there is 400,900 sq ft currently under construction, including 134,400 sq ft of refurbished lab space, all of which is under offer. William Clarke, director in the business space team at Savills Cambridge, said: “…we may see further emphasis placed on the repurposing of buildings within the key clusters in order to cater to this ongoing demand.”

 

Work starts on £13 million speculative industrial scheme in Norwich

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The wave of new speculative industrial and warehousing development in the region gathered momentum this week with the start of construction on a £13 million scheme at...

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Plans for 300 homes in west Norfolk unveiled by Birmingham-based developer

Plans for 300 homes in west Norfolk unveiled by Birmingham-based developer

A Birmingham-based developer, Prosperity Homes, has unveiled plans to develop a 300-home scheme at Downham Market in west Norfolk on land acquired from a private firm,...

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