September 5, 2011
Turnstone Estates has begun its new investment and development drive with the purchase of Discovery House, Vision Park in Histon, north Cambridge.
The 9,023 sq ft, modern office building is currently let to Atos IT Services until December 2013. Turnstone Estates bought the property from Morden College, Blackheath, London for £1.2 million.
Rents in the building are currently £152,000 pa. Turnstone believes the property offers an ideal refurbishment opportunity which will significantly add value.
Earlier this year Turnstone Estates appointed former Savills director Tim Deacon to assist a development drive focussed on office and leisure based schemes. He commented: “This deal represents the first phase of our new investment programme. We will actively manage the property, which we believe will become a key asset during our expansion. We are seeking further acquisitions within the Cambridge office market in the near future”.
Finn & Co advised Turnstone Estates while Gerald Eve represented the vendor.
