February 18, 2014
Salmon Harvester Properties has sold its Kings Court industrial development in the city of Cambridge to Cambridge University for £2.337 million, reflecting a net initial yield of 7.1 %.
The 19,500 sq ft four-building investment, developed speculatively by Salmon Harvester as part of a seven unit scheme, is fully let on a variety of lease lengths generating an annual income of £155,500 pa. Tenants are Screwfix Direct, Kuehne & Nagel, Fujifilm, and Applied Medical Technology.
Philip Skottowe of Salmon Harvester comments: “With an increased demand from investors looking at Cambridge and the attractiveness of the occupier profile there was strong interest in Kings Court.”
Bidwells acted for Salmon Harvester with fund manager Clipstone advising Cambridge University.