Pro Cam UK, an agri-tech business, has signed a new lease at Life Science REIT’s Cambourne Park Science and Technology Campus, near Cambridge, downsizing its space but paying a higher rent per square foot.
It has signed a five-year lease to occupy 4,300 sq ft in Building 2030, relocating from Building 2020 where it occupies 7,400 sq ft.
The company will pay £25 per sq ft, up 8.2% on its current rent of £23.10 per sq ft. The rent will increase to £30 per sq ft in year four.
The lease becomes effective on completion of Pro Cam’s fit-out of its new space, expected in December.
The space Pro Cam is vacating is on the second floor at Building 2020, where Life Science REIT is currently developing four fully fitted labs, due to complete before the end of this year.
The REIT said interest in the space had been “very encouraging”, with all four suites currently the subject of lease negotiations. The project delivers a yield on cost of 7% and a profit on cost of 25%.
The REIT acquired Cambourne Park in 2021 with the intention of repositioning it as a science and technology hub. It comprises more than 230,000 sq ft across six buildings.
Ian Harris, director of asset management at Ironstone Asset Management, said: “Pro Cam is a great example of the diversity of life science occupier we are attracting to the park, and supporting existing occupiers with their space requirements as they evolve, is a key element of our strategy. Pro Cam’s move also creates a future opportunity to do more fully fitted lab space, which delivers attractive returns for the company and further establishes Cambourne as a major life sciences destination.”
Asking rents for fully fitted labs have risen rapidly, with recent research from DTRE citing the market as a notable of area of growth for life sciences players.
Photo © Life Science REIT
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