Prime Office Investment in Cambridge
Kett House, Station Road, Cambridge, CB1 2JY
Acquired for £21,600,000
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Kett House, a 35,881 sq ft prime five-storey office building in Cambridge City centre was purchased by clients of Aviva Investors from Kames Capital for £21,600,000.
Located on Station Road, Cambridge’s prime office location, Kett House is let to global law firm Eversheds Sutherland until 2019. The building offers various options on lease expiry including the potential for refurbishment with additional massing or a complete redevelopment in the longer term.
Dale Johnstone, Partner at Allsop, comments: “Cambridge boasts one of the most educated workforces in the country, which is one of the reasons why offices in Cambridge are so highly sought after. Kett House represented a rare investment opportunity in one of the top national economic hot spots where the supply of office stock is extremely limited and rents are rapidly rising.”
Christian Anderton – Aviva Investors Real Estate added: “The off-market acquisition of Kett House represents a deliberate, further indication of our commitment as a long-term investor in Cambridge. The purchase, on behalf a of retained client, is directly aligned to our wider belief in the underlying intellectual, economic and social dynamics that combine to make Cambridge a city of global profile.”
Sarah Cockburn, Fund Manager, Kames Capital comments: “The sale of Kett House represented an opportunity to exit following successful settlement of the rent review earlier in the year allowing Kames to take a profit following our purchase of the asset in 2015.”
Allsop advised Aviva. Savills acted on behalf of Kames Capital.