Joint Venture agreed with local developer Wrenbridge to manage the project
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 stationon 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 accommodation 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 this deal, Buccleuch Property has entered into a new partnership with Wrenbridge, a Cambridge-based property company. The JV 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 and has 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, Chief Executive of Wrenbridge comments: “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.
“For further information please contact Daniel O’Connor on 01223 554 812 at Wrenbridge; Daniel.OConnor@wrenbridge.co.uk or Will Heigham on 01223 559 443 at our retained agents, Bidwells.”
Parties that acted on behalf of Buccleuch Property were: Bidwells and DWF.
Notes to editors
About Buccleuch Property
Buccleuch Property (www.buccleuchproperty.co.uk) represents the commercial property interests of Buccleuch Group with the core of its business within investment, development, strategic land and residential.
With offices in Edinburgh and London, Buccleuch Property has a market exposure of £350m through a UK wide investment portfolio and a range of development sites with a pipeline in excess of two million sq ft.
Buccleuch Property has a number of strategic joint ventures covering the commercial, residential, leisure and retirement sectors across the UK.
The business also has a portfolio of strategic land opportunities together with joint ventures in the US and Germany.
Wrenbridge is a privately owned property company formed in 1993 that specialises in development, investment, project management and joint venture agreements. The firm’s offices are located in Cambridge and London.
The team of 15 people is made up of development and investment surveyors, project managers, architects, accountants and lawyers all with experience of delivering complex joint venture projects and buildings.
Wrenbridge currently has 30 different assets with a completed project value exceeding £500m.