Cambridge, England, 14 December 2012--MP Real Estate, acting on behalf of Ignis Asset Management, have secured a sale of The Platinum Building on St John’s Innovation Park, Cambridge, to St John’s College, Cambridge for £7.11 million.
St John’s Innovation Park is located on the north side of Cambridge at the junction of the A14 and A10, opposite the Cambridge Science Park. The prime multi-let long leasehold office/R&D property is located at the heart of the Innovation Park and extends to 40,842 sq ft over ground and 2 upper floors.
The building is let to five tenants: Teraview Limited, Telstra Limited, Ensors LLP, Amantys Limited and Light Blue Optics, and produces an income of £681,500 per annum. A small 2,500 sq ft suite at ground floor is currently vacant.
The sale price reflects a net initial yield of 9.00%.
Andrew McGahey, Director, MP Real Estate commented: “We are pleased to have secured a disposal of this asset for our client, meeting their pricing and timing expectations in what remains a challenging market.”
Commenting on the sale, Stuart Paterson of Ignis Real Estate said “Our strategy to sell before the year end has been achieved, and MP Real Estate worked tirelessly to meet our goals. We are very pleased with the outcome.”
Ignis Asset Management was represented by MP Real Estate and Lambert Smith Hampton, whilst the purchaser was represented by Savills.
MP Real Estate
MP Real Estate is a new specialist Property Investment and Development consultancy based in Cambridge.
Directors Andrew McGahey and Neil Perrin offer a bespoke service that is both personal and efficient, with client care a priority.
Andrew was recently Head of Lambert Smith Hampton’s Cambridge office and specialises in Investment purchases, funding and sales, acting for many of the major UK institutional investors and high net worth individuals. He has recently been involved in the funding of the new Microsoft Research building on Station Road, which Microsoft will occupy later this year, and the purchase of the multi-let St Andrew’s House.
Neil is formerly the Head of Mixed Use development at Savills Cambridge office and works with clients that include Aldi, Premier Inn, Costa Coffee and Marstons. He has recently acquired the former Barclays Bank in Bene’t Street, Cambridge for Kings College and is working on Octagon Park in Ely and The Arcade in Walthamstow - two major mixed-use development schemes.
Between them, they have over fifty years experience within the property industry and will principally focus on client requirements in the south-east and eastern region.
Commenting on the formation of MP Real Estate, Andrew said: “Neil and I have worked closely together over a number of years, and are both focused on delivering a high quality service to our clients.”
Neil commented: “It seemed a very logical fit for the two of us to team up. We are able to provide our clients with a fully dedicated service through the challenges of the development and funding process.”
MP Real Estate is based in central Cambridge at Millers Yard, Mill Lane.
