214-240-Cambridge-Science-Park-Final-Brochure.Pdf

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MILTON ROAD CAMBRIDGE CB4 0FZ

Rare opportunity to acquire a large 8.2 acre / 5 building campus in the heart of Cambridge Science Park 214 - 240 CAMBRIDGE SCIENCE PARK

MILTON ROAD CAMBRIDGE CB4 0FZ CAMBRIDGE Investment SCIENCE PARK Summary

• Rare opportunity to acquire an 8.20 acre site in the heart of Cambridge Science Park (CSP) that is world renowned and the UK’s leading Science Park. • Cambridge is leading the UK’s research & development sector. • 214 – 240 Cambridge Science Park is a high quality office campus totalling 159,904 sq ft across 5 buildings in the centre of Cambridge Science Park. • Multi-let to 3 tenants with a total guaranteed rent from Feb 2021 of £4,446,040 pa that reflects a low passing rent of £27.01 psf on the let space offering significant reversionary potential. • WAULT of 6.48 years to expiries on the let space. • The property has a diverse income profile with building 216 being newly refurbished and let for 10 years, buildings 220 and 230 let to Bayer and Jagex for mid term reversionary income and a significant immediate re-development opportunity with buildings 214 and 240, subject to planning. • Unit 216 was fully refurbished and extended in 2020 at a cost of £7.2m (£200 psf) providing new grade A offices delivered to a BREEAM Very Good status and the highest WiredScore Platinum rating. • Opportunity to increase massing by c. 30% immediately subject to obtaining necessary consents on upcoming vacancy at buildings 214 and 240. Lifschutz Davidson Sandilands have also looked at a wholescale redevelopment of the site and there is potential to increase massing by 2.5x (Subject to Planning). • The Cambridge market has pre-let over 300,000 sq ft in the last 2 years with exceptional supply/demand dynamics with the Life Sciences sector continuing to grow. • Cambridge rental growth is expected to surpass £50 psf in the city centre and £37.50 psf on Cambridge Science Park. • Cambridge has excellent transport links into Central London. Cambridge Science Park • Long Leasehold - 125 years commencing 25th March 1987 and is one of the leading expiring in 2112, therefore 92 years unexpired at a peppercorn. • Seeking offers in excess of £62,500,000 (Sixty Two Million, Five science parks in the UK Hundred Thousand Pounds), subject to contract and exclusive of with exceptional science, VAT. A purchase at this level reflects a NIY of 6.66% after allowing technology and life sciences standard purchasers costs, and a low capital value of £391 psf. occupier demand

CAMBRIDGE SCIENCE PARK

5 The Opportunity

Rare opportunity to acquire a CSP is the leading science park in CSP is the occupiers location of large 8.20 acre (3.31 hectare) the UK with exceptional science choice for many, driven by the campus in the heart of CSP and technology and life sciences knowledge intensive clustering occupier demand on the park

Exceptional supply/demand The Cambridge market has pre-let Exceptional letting and dynamics with the life sciences over 300,000 sq ft of office space rental prospects on the newly sector continuing to grow in the last 2 years refurbished office space through Covid-19

72% of current Rental growth is expected to Opportunity to increase income is below ERV surpass £50 psf in the massing by c. 30% STP on city centre and £37.50 psf on 50% vacancy in Feb 2021 Cambridge Science Park

Cambridge Science Park has a Cambridge has proven Cambridge is the UK’s Exciting redevelopment broad range of existing tenants, exceptionally resilient throughout leading research & opportunity of both 214 & 240 and attracts a global audience the Covid-19 Global Pandemic development sector once Amgen vacate in Feb 2021

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Cambridge

Cambridge, a city renowned worldwide for its history, ancient architecture and huge cultural appeal, is one of the UK’s principle tourist locations, for both domestic and overseas visitors and is also an important location for the UK’s research and development sector. There are over 4,500 knowledge intensive companies registered within 25 miles of Cambridge. These companies have contributed to growing employment in the area by 7.5% pa since 2011 (Source: Cambridge Ahead). Recent research by the Centre of Economic & Business Research forecasts that Cambridge will be the fastest growing economy in the UK over the next ten years, growing by 2.8% per annum, compared to trend rate of growth for the UK of 2.2% per annum. Latest ONS data shows the GVA of the Knowledge Industry grew by 5.8% per annum in Cambridge and South Cambridgeshire as a whole, over the period 2013- 18. This has driven above average employment growth for Cambridge, with a sharp increase in Professional, Scientific and Technical business sector. The decade to the end of 2018 saw employment in this sector expand by nearly 90% in the City of Cambridge. Cambridge and its surrounding business parks are home to a variety of industries such as IT, life sciences, research, education and service companies. The city attracts global employers including Huawei, ARM, Microsoft, Amazon, Apple, Samsung and Deloitte amongst others. This is reinforced by AstraZeneca’s decision to build its new £330m headquarters in Cambridge, due to be completed in 2021 which will bring 2,000 staff to the city.

There are over 4,500 knowledge intensive companies registered within 25 miles of Cambridge

8 9 CAMBRIDGE SCIENCE PARK Waterbeach

Histon & Alconbury St Ives Impington Cambridge Science Huntingdon Northstowe Park North Cambridge Science Park

Cambridge North Draft network map for illustrative purposes only. Additional CAM stations and service patterns will be identified as planning of the network progresses.

St Neots Cambourne Wes Cambridge

City Centre

Mainline Interchange East Cambridge Newmarket Rd Mildenhall

CAM Station RIVER CAM Biomedical Cam Network Campus / Cambridge South A11 Haverhill Transport National Rail Interchange Hauxton Park & Ride Location Linton

City Tunnel Section Trumpington

ROAD: GUIDED BUS: CAMBRIDGE AUTONOMOUS METRO: VARSITY LINE: Junction 33 of the A14 Significant improvements Route A (Trumpington, Central Cambridge, The Cambridgeshire and Peterborough Combined The proposed development of the new east-west have just been completed at the A14/M11 Girton Longstanton, St Ives) and Route D (St Ives, Authority (CPCA) is promoting the concept of Varsity Rail Line by 2030, will provide a huge boost Interchange (north Cambridge) which separates Longstanton, Cambridge North Station – Central CAM, a rapid transit solution. The CAM network will to the local economy and employment pool. local and through traffic via a new road link to the Cambridge) comprise both tunneled and surface elements and A1(M) . will be delivered over the next decade: Timeline of Varsity Line: BUS: M11 4 miles • The City Tunnel Section will include new Oxford to Bicester section: FULLY OPEN Citi 1, Citi 2, 9/x9, Milton Park & Ride underground tunnels and stations under the city A1 19 miles of Cambridge, with major interchange hubs at the Preferred corridor confirmed: Early 2020 city centre and at Cambridge railway station M1 (SOUTH) 40 miles Preferred Alignment confirmed: Circa 2021 • Four regional routes will connect St Neots, M1 (NORTH) 63 miles Alconbury, Mildenhall and Haverhill with the city DCO application: Circa 2022 M6 63 miles BIKE: of Cambridge. Oxford – Bletchley: Bedford section open 2024 CENTRAL LONDON 68 miles CSP is located on the Cambridge Cycle Route Network. Free bicycles are available from the Start on Site: Circa 2026 PORT OF FELIXSTOWE 68 miles BizBike Hub at the station. Bedford to Cambridge section: Open 2030 OXFORD 88 miles https://eastwestrail.co.uk/the-project RAIL: AIR: Cambridge North Station is located 0.7 miles from STANSTED AIRPORT 35 miles the CSP providing services to Cambridge, London (with rail connection) Kings Cross and Liverpool Street, Norwich and Thameslink services via Cambridge Station. There is Cambridge Science Park is located near to a free taxi service from the station Monday – Friday LONDON HEATHROW 76 miles 07:00 to 9:30 and 16:00 to 18:30. Cambridge North, the city’s second mainline railway LONDON GATWICK station. This runs direct services to London. The with Thameslink services from 100 miles KING’S CROSS 56 mins Cambridge Station existing Guided Busway connects with the station.

10 11 220 230

216 214 240 CAMBRIDGE STATION CAMBRIDGE NORTH STATION CAMBRIDGESHIRE GUIDED BUSWAY GUIDED STOP BUSWAY MILTON ROADMILTON - A1309 PHARMACEUTICALS NAPP THE TRINITY CENTRE CENTRE INNOVATION BIO CENTRE BRADFIELD THE CONSULTANTS CAMBRIDGE CONSULTANTS CAMBRIDGE VECTURA CENTRE CITY CAMBRIDGE SYSTEMSDASSAULT HUAWEI ROKU EUROPE ASTRA ZENECA XAAR JOHNSON MATTHEY LINGUAMATICS RD PARK SCIENCE CAMBRIDGE UNITS 1 - 2 (UNDER CONSTRUCTION) (UNDER UNITS 2 - 1 DISPLAYLINK FRONTIER TOSHIBA

12 13 Cambridge’s Science Cambridge and its surrounding business parks are home to a variety of industries and Technology Sector such as IT, life sciences, research, education and service companies

The Cambridge economy generates £11.7bn Cambridge’s stock of office, laboratory Knowledge intensive businesses have GVA (ONS 2018), providing employment for space and R&D has increased by 38% dominated the Cambridge office and just under 190,000 workers but its impact over the past 10 years as the ‘knowledge laboratory market, accounting for more than on the UK far outweighs the size of the city. intensive cluster’ has attracted new 80% of take up over the past 5 years. businesses.

Science and business parks account for University of Cambridge is one of the leading Cambridge University raises more capital more than 77% of Cambridge’s commercial universities in the world, maintaining its investment from its spin-out companies than office and laboratory floor space and position in 2020, ranked 3rd Times Higher any other university in the world. In 2019, provides an environment for the biotech and Education Table and 7th in QS World University of Cambridge start-ups raised tech clusters. University Rankings. £346.6m in venture capital, the highest figure amongst UK’s universities.

A total of 107 Cambridge affiliates have The Cambridge cluster is at the centre of the Cambridge is a global centre for AI, with been awarded the Nobel Prize since 1904 UK Life Science and Bio Pharma industry Microsoft, Samsung, Apple, Amazon and spanning all six disciplines covering physics, playing a dominant role in the East of ARM all having R&D facilities in the city. chemistry, peace, literature, physiology, and England’s economy, which accounts for 16% In October 2019, the U.K. Government medicine, the highest of any institution in the of employment in the sector. announced its support for a multimillion- world. dollar joint venture between the University of Cambridge and Microsoft.

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9 Situation A10

I D St John’s Innovation Park G

M11 E

A R 1 30 D 7 Cambridge North

A14 The Cambridge Science Park (CSP) is situated within CSP is within the North East Cambridge Area Action Plan A 14

Cambridge’s Northern Fringe Area, one of the most prominent (NECAAP). This is a key part of Cambridge’s Emerging Local A14 and accessible business areas in Cambridge. It accommodates Plan to regenerate the Northern Fringe of Cambridge. Key to 9 0 3 14 9 1 4 A the highest concentration of R&D space and high technology this is the relocation of the Water Recycling Centre. HIF funding 0

A B Cambridge Business Park 13 companies in the market. The Northern Fringe comprises the of £175m has been obtained to deliver this and Anglian Water 0 7

D Cambridge Science Park, St John’s Innovation Park, Cambridge which owns the Water Recycling Centre has shortlisted three A CambridgeO Northern Fringe R Cambridge North Business Park, Cambridge North and Vision Park. Occupiers relocation sites with a preferred site due to be announced in (futureN scheme) O T H IL 8 U 2 N M 4 D include AstraZeneca, Cambridge Consultants, WorldPay, Napp early 2021. A TI N R G

D N O Pharmaceuticals, Citrix, Toshiba and the Royal Society of N O The relocation of the Water Recycling Centre is due to be R T 4 O S 3 A I 1

Chemistry. D H 1 A

complete by 2024 which is the likely timeline for the adoption of

VI MA CT A1303 DING OR LEY ROAD IA R D D A A 13 The CSP’s main entrance is via the A1309 Milton Road which the NECA AP. O 1 A130 N RV 3 I 1 TO C N M R 3 EW AD E T MAR IN T O 4 4 K has direct access onto the A14. A further access is provided GLEY ES 3 ET RO R H R 1 A OAD C 1 D The NECAAP post this relocation will provide a significant I A A to Kings Hedges Road. The scheme is served by local bus A

V D E

densification of the Northern Fringe bringing forward circa 7,000 A

services and has two dedicated stops on the Cambridgeshire O

home and 2 – 4 million sq ft of office and laboratory space. This

Guided Busway which provides frequent, reliable public transport L

AD E will come forward with significant improvements in infrastructure O along the A14 corridor linking Huntingdon and St Ives to central CAMBRIDGE R W T N Cambridge S R which will include the CAM (Cambridge Autonomous Metro) A A Airport E

B Cambridge, and Addenbrookes hospital, the Biomedical Campus connecting CSP to Cambridge North and wider Cambridge M11 and Trumpington to the south. The CSP is located near to 3 60 through a new underground system. There will also be new BAR A A TON 1137 A Cambridge North, the city’s second mainline railway station. This ROA 1 D 3 schools, leisure, retail and other amenity space creating a 0 7 3 runs services to London. The existing Guided Busway connects 0 A6 4 new urban quarter for Cambridge. This will allow significant Cambridge 3 1 with the station. 12 1 H A ‘densification’ throughout the whole area. The regeneration of I L L S 7 Opposite the CSP, U&I have been appointed masterplanner the Northern Fringe is an ambitious vision for Cambridge which 3 R 1 O 1 A by Cambridge City Council and Anglian Water to transform will transform the Northern Fringe into a fully integrated hub CB4 0FZ A D Anglian Water’s current 120 acre Water Recycling Centre into where people will work, live and communicate. a mixed use scheme comprising 5,000 homes and 500,000 sq ft of employment space and 200,000 sq ft of leisure, retail and community space.

Cambridge Science Park is situated within Cambridge’s Northern Fringe area, one of the most prominent and accessible business areas in Cambridge

16 17 CAMBRIDGE SCIENCE PARK Cambridge Science Park Overview

PARK FACILITIES INCLUDE:

• The Bradfield Centre – A 41,000 sq ft lakeside research and innovation incubator. This is targeted at start up/spin off companies. The ground floor accommodates a HUB, café, meeting facilities, marketing and administrative uses and a striking 3 storey atrium to encourage “interactive working”. • The Trinity Centre, providing bar, restaurant and conference facilities • Bio-Innovation Centre Laboratory Building and Café • Bio-Incubator Centre • Health and fitness centre • 115 place on-site childcare day nursery • Pop up food, wellness, health and beauty services • Cambridge Science Park website • Weekly Parklife Newsletter • Planning consent for future 153 key hotel and hub building with 350 space multi storey car park

Cambridge Science Park has been in the same ownership since 1546. Over the years, development of CSP has gathered momentum and now covers 152 acres. It now homes over 130 companies employing 7,000 people covering a wide range of high technology industries within buildings totalling around 1.82m sq ft that will rise to c. 2m sq ft on completion of Units 1 & 2. Units 214-240 form Phase 4 of CSP, located within the core area of the park close by to the key CSP amenities. Nearby occupiers include Napp Pharmaceuticals, WorldPay and The Royal Society of Chemistry.

For further information: www.cambridgesciencepark.co.uk

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214, 216, 220, 230 & 240 Cambridge Science Park A SNAPSHOT

Positioned in the heart of Cambridge Science Park, 214 – 240 provides a thriving office campus on the UK’s leading science park on an impressive scale. This provides a real opportunity to acquire a substantial holding with asset management potential through rent reviews, lease restructuring, refurbishment, extension and redevelopment subject to obtaining the necessary statutory consents.

Average Passing Rent ERV of £4,446,040 £27.01 psf £36 psf contracted rent on let space (including guarantees)

70% of current income All of the tenants have been on WAULT of 6.48 yrs below ERV the park for over 5 years to expiries

159,904 sq ft arranged Active On-Site wider Excellent over 5 buildings Estate team Amenity

Diversified Income Profile, with long Excellent car parking term income, reversionary mid-term provision with income and value add potential 632 spaces

20 21 CAMBRIDGE Tenancy Schedule SCIENCE PARK

Next Rent Area (sq ft) Start Expiry Break Income Unit Tenant Demise Rent Review Passing Comments VENDOR GUARANTEES NIA Date Date Date (£pa) Date (£/sq ft)

Reception 460 Amgen currently in occupation paying The Vendor will provide up to 12 months rent, service charge and rates £270,000pa. Once 216 lease completes, this cover from completion on Units 214 and 240 as shown below: Ground 4,876 lease will be surrendered, and this building will Unit 214 Amgen Limited 01/05/2016 30/04/2021 £30.00 £296,610 be vacant. A 12 months rent, rates and service Service Unit Rent *Rates First 4,781 charge guarantee will be offered by the Vendor. Charge A schedule of condition applies as part of the TOTAL 10,117 Unit 216 pre let. 214 £296,610 £15,015.95 £478,800 Reception 1,262 240 £1,196,026 £60,184.66 The start date for this lease can be extended by each day there is a Covid delay to the tenant's Ground 11, 3 3 9 Sub totals £1,492,636 £75,200.61 £478,800 current fit out works with a long stop date of Exchanged - 30 April 2021. The earliest lease start date is Unit 216 First 11, 5 3 9 01/02/2021 31/01/2031 £34.20 £1,201,101 Total £2,046,636.60 Amgen Limited 1 February 2021 and the latest lease start date is 1 May 2021. There is no rent free from the Second 11, 6 0 6 start date. The review is based on an area of *Rates based on £950,000 RV x 50.4p multiplier. Exact rates to be 35,745 sq ft NIA. verified via the VOA at the point of completion. TOTAL 35,746

Reception 1,008 Amgen currently in occupation paying £1,011,420 pa. Once 216 lease completes, this Ground 19,827 lease will be surrendered, and this building will SITE AREA Unit 240 Amgen Limited 01/05/2016 30/04/2021 £30.00 £1,196,026 be vacant. A 12 months rent, rates and service First 19,537 charge guarantee will be offered by the Vendor. We understand the site area is approximately 8.20 acres (3.31 hectares). A schedule of condition applies as part of the TOTAL 40,371 Unit 216 pre let. 256 250 43 Atrium & 6 270 to 279 2,040 260 Reception

El Sub Sta 6 9 Ground 13,604 2 If Jagex exercise the break date, there is a Unit 220 Jagex Limited 11/ 0 7/2 011 10/07/2026 11/07/2024 11/07/2021 £24.72 £1,088,987 First 13,604 3 month break penalty. 210

Second 14,073 El Sta T ho ma s G TOTAL 43,321 ra ha m 0 Ho 211 9 u 2 se

Reception 398 Tanks 205 Rent Review outstanding. Landlord will

Ground 14,976 contribute 50% of the cost of a new roof up Posts El Bayer Sta Unit 230 23/12/2014 19/09/2025 20/09/2020 £22.06 £665,016 to a maximum of £100,000 indexed every Pond Cropscience Limited S h 201 e First 14,975 5 years. The Insurance Rent is capped at l te r £20,000 pa indexed every 5 years. TOTAL 30,349

Cambridge 200

Land at 214/216 Amgen Limited 19/12/2015 30/04/2021 4 Science 20 Eastern Power Park Substation 4/1 20/11/1992 19 /11/2 0 91 9 Networks Plc 2 El Sub Sta 3 o t

9 1 Eastern Power 3 Substation 4/1 B 20/11/1992 19 /11/2 0 91 Networks Plc Pond 209 to 208 330 Pond TOTAL 159,904 £ 27.01 £4,447,740* FB

GROUND RENT £1,700

El Sub Sta The 6 l 4 3 332 8 NET RENT £4,446,040 Centre 1

* 1/2 Rate on Receptions.

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Leave blank space for now

214 is a two storey office The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) to provide the following building totalling 10,117 sq ft NIA areas: with exceptional car parking. Unit 214 FLOOR SQ FT SQ M The property is let to Amgen Limited with a contracted rent of £270,000 pa (£27.30 psf) on D th A 1st 4,781 444 a lease expiring 30 April 2021. This lease will be O R surrendered once Amgen complete its lease on its K R Ground 4,876 452 A relocation to Unit 216. The vendor will provide a rent, P E rates and service charge guarantee. The property C N ReceptionC 460 42.73 IE A M 9 has 51 car parking spaces reflecting a ratio of 1:198 C B R 0 S I

D 3 sq ft. E TOTAL G 10,117 940

E 1 G S

C A ID IE R N This property alongside Building 240 has huge B C There is an assignableE measured survey, provided by Greenhatch M potential to redevelop, increase massing and deliver A P C Group, available in the dataroom.A R

an exceptional product to the market.

Potential to redevelop and increase massing (STP)

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C M A M B RI DG E S CA C M IE BR N ID CE G P ES A H RK IR R E O GU A I D DE D BU SW AY

9 0 3 1 A CAMBRIDGE SCIENCE PARK

Unit 216

Long income to substantial covenant in newly refurbished office

216 is a three storey office building totalling 35,746 sq ft that has undergone comprehensive refurbishment in 2020 at a cost of £7.2 million (£200 psf). The property has excellent car-parking with 100 spaces. The building was externally remodelled with the addition of a new second floor. The full specification of the refurbishment is available at 216csp.com and included: • VFR air conditioning • LED lighting • Metal tile suspended ceilings The property has been measured by Greenhatch Group • Full access raised floors in accordance with the RICS Code of Measuring Practice • 70 cycle stands (6th Edition) to provide the following NIA areas: • 100 Parking spaces (1:357 sq ft) • Shower facilities on each floor FLOOR SQ FT SQ M

• Passenger lift D A 2nd 11, 6 0 6 1,078 • Male, female, disabled WCs on each floor O R K • BREEAM - very good R 1st 11, 5 3 9 1,072 A P E • Lifecycle Building Information C N GroundC 11, 3 3 9 1,053 Management enabled IE A M 9 C B R 0 S I

D 3 • Excellent connectivity - WiredScore E Reception G 1,262 117

E 1 G S

C A Platinum Certification for infrastructure, ID IE R N B C power, wireless, connectivity TOTAL E 35,746 3,320 M A P C A • External terrace R

There is an assignable measured survey, provided by

R Amgen Limited have leased the whole of 216 from 1st February Greenhatch Group, availableO in the dataroom. A 2021 for 10 years, expiring 31st January 2031 at a rent of D

£1,200,101 per annum (£34.20 psf).

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C M A M B RI DG E S CA C M IE BR N ID CE G P ES A H RK IR R E O GU A I D DE D BU SW AY

9 0 3 1 A CAMBRIDGE SCIENCE PARK

220 is a three storey office The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and the International building arranged around an Property Measurement Standards (3) to provide the following NIA impressive enclosed central areas: Unit 220 atrium totalling 43,321 sq ft and

FLOOR SQ FT SQ M benefiting from excellent parking D A O with 175 car spaces reflecting a R 2nd 14,073 1,307 K R ratio of 1:247 sq ft. A P E 1st 13,604 1,264 C The property is let to Jagex Ltd with a lease expiring N C IE A th M 9 on 10 July 2026. The tenant has the option to a C Ground B 13,604 1,264 R 0 S I Opportunity to D 3 th E G

break clause on the 11 July 2024. The contracted E 1 G S

C A rent is £1,088,987 pa (£25.74 psf) with an ID Reception & AtriumIE 2,040 190 increase rent by R N B C th E upcoming review on the 11 July 2021. M A P C TOTAL A 43,321 4,025 c.15% in 2021 R

There is an assignable survey,O provided by Plowman & Craven,

available in the dataroom.D

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C M A M B RI DG E S CA C M IE BR N ID CE G P ES A H RK IR R E O GU A I D DE D BU SW AY

9 0 3 1 A CAMBRIDGE SCIENCE PARK

230 is a modern high quality two The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and the International storey office building arranged Property Measurement Standards (3) to provide the following NIA over ground and 1st floors areas: Unit 230 totalling 30,349 sq ft that has

FLOOR SQ FT SQ M excellent parking with 123 spaces D A O reflecting a ratio of 1:246 sq ft. R 1st 14,975 1,391 K R A The property is let to Bayer Cropscience for a term P E Ground 14,976 1,391 expiring 19th September 2025 with a contracted C N C IE A rent of £665,016 pa (£22.06 psf). There is a rent M 9 C ReceptionB 398 37 R 0 S I Outstanding review D 3 review on 20th September 2020 with negotiations E G

E 1 G S

C A currently on-going. ID TOTAL IE 30,349 2,819 provides compelling R N B C E M The landlord will contribute 50% of the cost of a new A P C There is an assignable Asurvey, provided by Plowman & Craven, opportunity to increase roof up to a maximum of £100,000 indexed every 5 R K available in the dataroom.

R rental income by c.30% years. The insurance rent is capped at £20,000 pa O

indexed every 5 years. D

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C M A M B RI DG E S CA C M IE BR N ID CE G P ES A H RK IR R E O GU A I D DE D BU SW AY

9 0 3 1 A CAMBRIDGE SCIENCE PARK

240 is a high quality office building The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) to provide the following totalling 40,371 sq ft arranged NIA areas: over two storeys benefiting from Unit 240 excellent parking. FLOOR SQ FT SQ M

The property is let to Amgen Limited on a lease D A 1st 19,537 1,815 expiring 30th April 2021 with a contracted rent of O R K £1,011,420 pa (£25.36 psf). Amgen are relocating R Ground 19,827 1,842 A P into Building 216 on expiry. This lease will be E C surrendered once Amgen complete its lease on its N ReceptionC 1,008 94 IE A M 9 C B relocation to Unit 216. The vendor will provide a rent, R 0 S I Exciting and rare opportunity D 3 E TOTAL G 40,371 3,750.50

E 1 rates and service charge guarantee. The property G S

C A ID IE to re-masterplan this asset, has excellent parking provision with 175 car spaces R N B C There is an assignableE survey, provided by Greenhatch Group, reflecting a ratio of 1:230 sq ft. M A P C available in the dataroom.A with optionality around R

This property alongside Building 214 has huge R design, massing and potential to redevelop, increase massing and deliver O A an exceptional product to the market D

specification

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C M A M B RI DG E S CA C M IE BR N ID CE G P ES A H RK IR R E O GU A I D DE D BU SW AY

9 0 3 1 A CAMBRIDGE SCIENCE PARK

240 Future Redevelopment 214

216 Opportunity and 230

Masterplanning 220

Lifschutz Davidson Sandilands have provided PLANNING an indicative extension and redevelopment for Cambridge Science Park is defined on the all the buildings, excluding Unit 216 that has adopted Policies Map and under Policy E/1 recently been comprehensively refurbished and of the adopted South Cambridgeshire Local extended. Vacant possession of Units 214 and Plan. Policy E/1 confirms that appropriate 240 is in early 2021, with Units 220 & 230 let proposals for employment development and Lateral and vertical extension until 2026 and 2025 respectively. massing, not to scale redevelopment on Cambridge Science Park will The vendor is in receipt of a RIBA Stage 1 report be supported, where they enable the continued for building Units 214 & 240. The conclusion development of the Cambridge Cluster of was that the structures of both buildings should high technology research and development be able to accommodate a single storey vertical companies. extension without the need for extensive CSP falls within the area designated for the strengthening of the foundations or substructure. North East Cambridge Area Action Plan (NEC Redevelopment massing, We understand further vertical extensions are AAP). This Plan would eventually become not to scale likely to be possible, subject to undertaking part of the Development Plan and carry the 240 some stiffening of the structure, and/or de- weight of adopted Local Plan policy. The Plan is loading of the superstructure. intended to shape development across the NEC 240 The following image is an illustrative massing AAP area. It is intended to be adopted in 2024. study of the increase in existing building footprint 214 Policy 60 and appendix F of the Cambridge (Subject to Planning) of an increase of c. 42% Local Plan (2018) will be used for the detailed to provide a total of 282,110 sq ft across the 5 assessment of proposals for tall buildings buildings. coming forward at North East Cambridge. However, LDS have also looked at a wider 216 Policy 9 of the Draft NEC AAP indicates 230 redevelopment of buildings 220, 230 & 240 with the Council’s current approach to managing 216 retained as existing then Unit 214 extended 230 and planning where taller buildings may be 230 vertically and there is potential (Subject to located at NEC, based upon the findings of Planning) to increase the massing by 2.5x to 220 the Landscape Character and Visual Impact 413,440 sq ft as illustrated (right). Appraisal. Policy 9 advises that proposals Further information can be found in the full will be expected to create ‘a well-articulated 220 Lifshutz Davidson Sandilands Capacity study in and varied skyline’ and ‘localised increases in the dataroom. height should be located to help define key 220 centres of activity within the area and help with wayfinding’. A 4-5 storey building could be supported; potentially taller, but will need a strong urban design rationale to explain why such a building is appropriate at 214-240 CSP. A more detailed planning note can be provided on request.

For illustrative purposes only 34 35 CAMBRIDGE SCIENCE PARK

COVENANT INFORMATION SERVICE CHARGE TENURE

AMGEN LTD – Amgen Inc is an American multinational biopharmaceutical company headquartered There is an estate service charge in respect of the communal LONG LEASEHOLD – The properties are held by a way of in Thousand Oaks, California. Founded in 1980, Amgen has grown to be one of the world’s leading areas of the CSP that is managed by Trinity College, Cambridge two Long Leaseholds from Trinity College, the Freeholder for independent biotechnology companies with a presence over 100 countries worldwide. Amgen is as freeholder and a plot service charge for the Phase 4 site. The 125 years commencing 25th March 1987 and expiring in 2112 listed on the NASDAQ:AMGN with global revenues in the region of $23 Billion USD. cost of this is passed on to the occupational tenants under the therefore 92 years unexpired. There is a current total ground terms of their leases. For the 2020/2021 year, this equates to: rent of £1,700 per annum that doubles every 25 years. DUN & BRADSTREET RATING – 4A2 UNIT SERVICE CHARGE (£pa)

ST ST ST 31 DEC 2019 31 DEC 2018 31 DEC 2017 214 £15,015.95

Sales / Turnover £294,986,000 224,612,000 £238,931,000 216 £53,748.84

Profit / (Loss) Before Taxes £15,441,000 £10,199,000 £9,796,000 220 £67,047.60

Tangible Net Worth £32,411,000 £15,326,000 £2,784,000 230 £45,723.94

240 £60,184.66

Full estate charge information can be provided on request.

JAGEX LTD – Jagex Ltd is a British video game developer and publisher based in Cambridge that employs c. 330 people and are best known for RuneScape & Old School Runescape. This is collectively known as the world’s largest free-to-play multiplayer online role-playing games.

DUN & BRADSTREET RATING – 5A1

31ST DEC 2018 31ST DEC 2017 31ST DEC 2016

Sales / Turnover £92,814,334 £84,863,699 £74,423,778

Profit / (Loss) Before Taxes £46,863,814 £45,129,688 £28,477,567

Tangible Net Worth £39,136,196 £36,963,384 £30,271,683

BAYER CROPSCIENCE LTD – Bayer CropScience is part of Bayer, the multinational pharmaceutical and life sciences company and one of the largest in the world. Listed on the ETR:BAYN, it has global revenues in 2019 of 43.50 billion Euros. Bayer CropScience has products in crop protections, non-agricultural pest control, seeds and plant biotechnology. In 2002, Bayer AG acquired Aventis Cropscience and fused it with their own agrochemicals division to form Bayer CropScience.

DUN & BRADSTREET RATING – 5A2

31ST DEC 2019 31ST DEC 2018 31ST DEC 2017

Sales / Turnover £207,538,000 £246,291,000 £270,982,000

Profit / (Loss) Before Taxes £3,768,000 £12,540,000 £16,614,000

Tangible Net Worth £92,107,000 £82,178,000 £39,586,000

36 37 CAMBRIDGE SCIENCE PARK Cambridge Occupational Market

Cambridge’s overall science and technology floorspace SUPPLY CONSTRAINTS PERSIST CAMBRIDGE OFFICE TAKE-UP CAMBRIDGE OFFICE RENTS amounts to over 11m sq ft, including 7.7 m sq ft of Despite the COVID-19 crisis strong demand across the 800 £55 commercial floor space, which has increased by 22% Cambridge office sector has persisted with nearly 0.9m sq ft of £50 (1.4m sq ft) over the past five years. This is complemented 700 £45 requirements recorded at the end of H1 2020. We estimate over by a further 3.3m sq ft of research institute and academic £40 177,000 sq ft of further requirements came forward during Q3. research space which provides a strong draw for a range 600 £35 of science and technology businesses. Supply in the Cambridge office and laboratory market has been £30 500 £25 on a downward trend over the past eight years, falling by 50% The growth of the science and tech sector in the Cambridge £20 from a peak level of 1.465m sq ft at the end of 2009 to just 400 cluster has driven a step change in average office and lab take £15 over 737,000 sq ft as at December 2019 prior to the onset of £10 up, amounting to around 700,000 sq ft per annum since 2013. ‘000 sq ft COVID-19. At this point, total availability rate stood at 8%, with 300 These high growth sectors were responsible for over three 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 9% in the office sector. While the lockdown disruption drove a quarters of office market take up in 2019. This expansion in the 200 2020 Q3 marginal increase in the office availability rate at the end of H1, Cambridge cluster reflects a rapid period of growth of a range of Prime Secondary-Good activity returned over the summer pushed the availability rate to 100 knowledge industry business sectors, such as AI and genetics. a little over 9% at the end of H1 2020. 0 While COVID-19 disruption has impacted on the Cambridge RENTAL GROWTH % PER ANNUM (PRIME OFFICE) market to an extent, the city’s leading position in the fight MARKET RESILIENCE 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TO H1 2020 against the disease has supported activity. Knowledge industry occupiers were responsible for 87% of office and lab take up The Cambridge office and laboratory market demonstrated huge Prime Secondary Average 3 years 8.5% in Cambridge during H1 2020, a continuation of this pattern resilience in the 2008/2009 economic downturn compared building over the last five years. to other locations growing consistently since. The COVID-19 5 years 6.7% crisis has presented a new nationwide challenge. As reflected CAMBRIDGE LAB TAKE-UP in the daily press coverage, Cambridge has been central to the 10 years 6.1% CAMBRIDGE OFFICE TAKE-UP national, and global, pandemic effort. Research on treatments 700 Over half of the Cambridge floorspace is occupied by the and potential vaccines have occurred across the city’s science life sciences sector, a large proportion of this is office based parks, with business activity continuing throughout the 600 as technology and emerging scientific advances move lockdowns. The dominance of the science and tech sector to significant elements of research and development to computer the Cambridge economy has driven the city’s resilience during 500 based activity. The growth of the city’s cluster has also seen the current crisis, and recording one of the lowest proportions of a sharp expansion in businesses operating in the IT and furloughed employees across the UK. 400 Communications sector, representing 23% of floorspace overall, The latest speculative office development at 50/60 Station but nearly 300,000 sq ft of take up in 2019 and 28% of activity 300 Road, CB1 comprising 163,000 sq ft was fully let by practical ‘000 sq ft in H1 2020. The evolving IT R&D function is illustrated by completion in May 2019 and has achieved prime rents of up to Proportion of office Apple’s 80,000 sq ft pre-let of 30 Station Road, CB1. 200 £46.00 per sq ft. Sub lettings have achieved in excess of this. take up by knowledge intensive industries Combined office and laboratory take up in 2019 was recorded A 65,000 pre-let at 20 Station Road, CB1 to Fora in H2 2020 100 at 805,000 sq ft, the highest since 2014/15. Office take up has moved prime office rents to £48.50 per sq ft. Two buildings accounted for 596,700 sq ft. In the year to early October 2020 totalling 210,000 sq ft of speculative office accommodation are underway at 1 & 2 Cambridge Science Park. 90,000 sq ft is

the Cambridge office market had seen 260,000 sq ft of office 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 take up, with 158,000 sq ft of this occurring in Q3 alone. under offer with good interest being shown in the remainder. Prime office rents in the city centre have now achieved £48.50 per sq ft with some smaller transactions above this level. The lockdown period generated strong demand from start-ups and early stage businesses accelerating plans to take space. This trend has continued during 2020 as companies seek to get back on track with business plans and funding milestones. The depth and breadth of the science and technology economic Cambridge’s combined office basis of the city has driven strong rental growth, with particularly and laboratory take up in 2019 robust growth over the last five years and in parallel with the rapid evolution in the science sector. was recorded at 805,000 sq ft, the highest since 2014/15

38 39 CAMBRIDGE SCIENCE PARK

The growth of the science and tech sector in the Cambridge cluster has driven a step change in average office and lab take up, amounting to

The latest occupational transactions have included: around 700,000 sq ft per annum since 2013

AREA RENT GRADE DATE ADDRESS TENANT TRANSACTION SQ FT £PSF OF SPACE

Newham Building, Chesterford Q4 2020 Oncologica 11, 5 0 0 £38.00 OML Fitted Lab Research Park

940 Babraham Research OML inclusive of Q3 2020 BioCrucible 3,616 £65.00 Fitted Lab Campus rent and SC Bio OML inclusive of Q2 2020 25 Cambridge Science Park Various innovation £65.00 Fitted Lab rent and SC centre Bio OML inclusive of Q2 2020 181 Cambridge Science Park Various £50.00 Fitted Lab incubator rent and SC

Biomed @ Babraham Research Q2 2020 Bit Bio 26,900 £43.00 OML Fitted Lab Campus

Part 1st, 330 Cambridge Q3 2020 BioFidelity Ltd 5,490 £33.00 OML A Science Park

Q3 2020 20 Station Road CB1 Fora 65,000 £48.50 Pre-Let A

Q2 2020 101 Cambridge Science Park Citrix R&D Ltd 14,736 £32.50 OML A

Q1 2020 216 Cambridge Science Park Amgen 35,746 £34.20 OML A

Q1 2020 Kett House, Station Road Apple 17,500 £40.00 OML B

Q4 2019 296 Cambridge Science Park Speechmatics 16,500 £32.50 OML A

Q4 2019 140 Cambridge Science Park Featurespace 25,000 £32.00 Assignment B

Q4 2019 30 Station Road CB1 Apple 80,000 £42.50 Pre-Let A

Q2 2019 418 Cambridge Science Park Cytocell 17,143 £41.28 OMSL Fitted Lab

Cantab Asset Q2 2019 50/60 Station Road CB1 4,650 £42.00 OML A Management Ltd

40 41 CAMBRIDGE SCIENCE PARK

Investment Market Commentary

The UK and South East investment markets during 2020 proved • Very strong occupational supply / demand dynamics with resilient amid the ongoing global pandemic of Covid-19. Whilst excellent rental growth. the pandemic took grip from March, we saw investors pause • Focus on Life Sciences and R&D. for breath and investment volumes inevitably slowed. However, Q4 2020 saw renewed office investment appetite for the best • Limited Land Supply. buildings and markets outside Central London. In Cambridge • Excellent Infrastructure with ongoing improvements. specifically, we saw some notable transactions complete to include 20 Station Road. Cambridge has been a core centre of focus for investment along As we begin 2021, we anticipate renewed and strong investor with the growing Life Sciences / Science & Tech sectors across demand to continue with investors and occupiers focusing on the UK. The town has markedly different characteristics to other property fundamentals and key locations such as Cambridge. UK markets and this is why it’s so attractive, including: With the continued investor demand for Life Sciences / R&D industries across the UK, Cambridge is the core hub for these We anticipate the renewed investor appetite to continue as the sectors and will see significant further investment as investors look to deploy capital into these sectors. year progresses with investors and occupiers continuing to focus on property fundamentals and key locations such as Cambridge Recent investment transactions include:

CAPITAL VALUE AREA DATE ADDRESS PURCHASER PRICE (£) YIELD (%) TENANT COMMENT (£PSF) (SQ FT)

£35.575M 5.69% Current 418 & 436 Cambridge Science Park Under Offer £475 74,500 Multi-Let Long Leasehold. 10 yr Income sale (quoting terms) (quoting terms)

Oct 2020 20 Station Road, Cambridge Aviva/PSP Confidential Confidential Confidential 65,000 FORA Long Leasehold. Pre let development funding

Sept 2020 296 Cambridge Science Park South Cambridgeshire District Council £7.2M 5.82% £436 16,521 Cantab Research Ltd t/a Speechmatics Long Leasehold

Sept 2020 Bourne Business Park, Weybridge ARA / Straits Real Estate £76.70M 6.75% £416 184,459 Multi-Let Prime

Sept 2020 1 Cambridge Square, Cambridge North Schroders Confidential Confidential Confidential 100,000 Vacant Speculative development funding

Sept 2020 Vitrum, St Johns Innovation Park, Cambridge South Cambridgeshire District Council £11.77M 4.40% £403 29,177 HSBC Long leasehold. 32% vacant

July 2020 Clarendon House, Cambridge M&G Real Estate £13.9M 4.43% £583 23,816 Multi-Let

July 2019 30 Station Road, Cambridge Aviva/PSP £63.25M 4.75% £790 80,000 Apple Long Leasehold

April 2019 140 Cambridge Science Park South Cambridgeshire District Council £13M 5.60% £501 25,899 Display Link Long Leasehold

42 43 CAMBRIDGE SCIENCE PARK Further Information

PRICING CONTACT DETAILS Seeking offers in excess of £62,500,000 (Sixty Two Million, For further information or to make arrangements for viewing Five Hundred Thousand Pounds), please contact: subject to contract and exclusive of VAT. A purchase at this level reflects a NIY of 6.66% after allowing standard purchasers costs, and a low capital value of £391 psf.

TIM SMITHER SAUL WESTERN EPC T +44 (0) 207 861 1227 T +44 (0) 207 297 6275 M +44(0) 7876 145 909 M +44 (0) 7899 061 889 E [email protected] E [email protected] BUILDING EPC RATING

214 D91 HENRY WYLD LUCY YOUNG T +44 (0) 207 861 1520 T +44 (0) 207 297 6278 216 A24 M +44 (0) 7768 833 478 M +44 (0) 7880 005 802 E [email protected] E [email protected] 220 D97

230 D99 ALASDAIR COLLINS T +44 (0) 203 826 0608 240 D100 M +44 (0) 7532 380 285 Reports can be provided on request. E [email protected]

VAT

The property is elected for VAT and we Knight Frank LLP and Bidwells LLP give notice to anyone who may read these particulars as follows: would expect the transaction to be treated IMPORTANT NOTICE (1) Particulars: These particulars are not an offer, an invitation or a contract, nor part of one. Any information about price or value contained in the particulars is provided purely as guidance, it does not constitute a formal valuation and should as a Transfer of Going Concern (TOGC). not be relied upon for any purpose. You should not rely on statements by Knight Frank LLP and Bidwells LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Knight Frank LLP and Bidwells LLP has no authority to make any representations about the property. No responsibility or liability is or will be accepted by Knight Frank LLP, Bidwells LLP, seller(s) or lessor(s) in relation to the adequacy, accuracy, completeness or reasonableness of the information, notice or document supplied or otherwise made available to any interested party or its advisers in connection with the Proposed Transaction. All and any such responsibility and liability is expressly disclaimed. (2) Images: Photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. ANTI-MONEY- (3) Regulations: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters LAUNDERING have been properly dealt with and that all information is correct. (4) VAT: The VAT position relating to the property may change without notice. (5) Financial Crime: In accordance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and Proceeds of Crime Act 2002 Knight Frank LLP and Bidwells LLP may be required to establish the The successful bidder will be required to identity and source of funds of all parties to property transactions. Knight Frank is the trading name of Knight Frank LLP. Knight Frank LLP is a member of an international network of independent firms which may use the “Knight Frank” name and/or logos as part of their provide information to satisfy the AML business name and operate in jurisdictions outside the United Kingdom. No “Knight Frank” entity acts as agent for, or has any authority to represent, bind or obligate in any way, any other “Knight Frank” entity. Knight Frank LLP is a limited liability partnership registered in requirements. England with registered number OC305934. Knight Frank LLP registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names (this can also be found at http://www.knightfrank.co.uk/about-us). Bidwells LLP is a limited liability partnership registered in England and Wales (registered number OC 344553). Registered office is Bidwell House, Trumpington Road, Cambridge CB2 9LD where a list of members is available for inspection. Your statutory rights are not affected by this notice. DATAROOM Designed and produced by Creativeworld Tel: 01282 858200. January 2021. Access can be granted upon request.