The RO discovers more value in Cambridge with sale of office building to Royal London Mutual Insurance Society
The RO is pleased to announce the sale of Discovery House, located on Vision Park in Cambridge, for £3.8 million. The RO have now realised over £40 million from the recent sale of properties within its portfolio.
Discovery House is a 9,034 sq ft office building arranged over two storeys and is completely self-contained. Vision Park is located about three miles north of Cambridge, just off junction 32 of the A14. It has been owned by the RO since 2014 with Internet Watch Foundation (IWF) in occupation.
The purchaser of the property is The Royal London Mutual Insurance Society who also own five other office properties on Vision Park. The price reflects a Net Initial Yield of 5.08% and a capital value per sq. ft. of £421, a reflection of the popularity and strength of the Cambridge office market.
The RO has been busy re-investing capital as it looks to expand its exposure to the South East with more than £20 million of purchases having been made over the last fifteen months.
Over the next decade the RO has a prospective development programme with a gross development value in excess of £200 million and the business owns or manages over 1,000,000 square foot of office, industrial, retail and hotels across the UK, predominantly in the South East of England.
David Kershaw, General Manager, RO Real Estate commented:
We are always looking for opportunities to expand and this sale gives us further scope to re-invest in the South East, an area of the country we feel offers significant potential for growth.
The Royal London Mutual Insurance Society were advised by XLB LLP and Gowling WLG (UK) LLP and the RO was advised by Maclay Murray & Spens LLP.