Carter Jonas, the national property consultancy, has completed three investment acquisitions for eastern Local Authority clients totalling £50m since the start of 2020 – an office, a business park and an industrial estate. The acquisitions have been agreed by Carter Jonas’ Cambridge office.
In January, Carter Jonas acquired Evolution Business Park in Cambridge on behalf of Cambridgeshire County Council for £28m, reflecting a net initial yield of 5.70%. Comprising 91,670 sq ft across 3 units and constructed to a mid-tech specification, the property is multi-let with CMR Medical Robotics as the anchor tenant. The Council also have the option to acquire a further unit on the site subject to conditions.
Additionally, Carter Jonas acquired 270 Cambridge Science Park for South Cambridgeshire District Council for £8m. Comprising 39,000 sq ft, the office accommodation came with vacant possession and will be refurbished prior to launching to market as a multi-let workspace to accommodate tech firms on the Science Park. Once complete it will have an estimated value in the region of £17.5m.
In February, Carter Jonas acquired three units at Stafford Park in Telford on behalf of Norwich City Council for £14.5m, reflecting an initial net yield of 6.23% Comprising 211,000 sq ft, the units are currently occupied by national manufacturing firms with an average of 7.5 years until lease expiry.
William Rooke, Partner, Carter Jonas said: “These three acquisitions for our eastern Local Authority clients are all excellent purchases on their own merits, given each client’s differing objectives and commercial portfolios. We’re proud to be a reliable and trusted partner for Local Authority clients.
“These purchases demonstrate that the local market continues to be attractive for public sector investors, as they continue to seek alternative income streams to fund front line services.”
