Savills buys Westbrook centre for £30.5m

Acting on behalf of a client of LaSalle Investment Management, Savills’ Cambridge Investment Team has bought the freehold of Westbrook for £30.5m, reflecting a net initial yield of 6.75 per cent.Acting on behalf of a client of LaSalle Investment Management, Savills’ Cambridge Investment Team has bought the freehold of Westbrook for £30.5m, reflecting a net initial yield of 6.75 per cent.

“It is rare to find investment properties of this size and quality in East Anglia – this is the largest office investment deal that has happened in Cambridge for many years,” says Andrew McGahey, Savills’ head of investment in Cambridge.

Westbrook, Milton Road, is a campus-style office development of four modern three-storey office buildings totalling 122,831 sq ft with a net current income of almost £2,167,000 per annum.

A major refurbishment has improved the main entrance and communal space. The scheme is close to the city centre and also has an enviable car parking ratio of 1:430 sq ft - making a total of 287 parking spaces – a high allocation for a modern office building.

McGahey said: “There is currently around 1,927 sq m (20,740 sq ft) of office space available over three suites and the agents are working on a new marketing strategy and making recommendations on improvements to the scheme that will give it a new lease of life.”