Turnstone Estates has begun its new investment and development drive with the purchase of Discovery House, Vision Park in Histon, north Cambridge.
Turnstone kicks off development drive with purchase of Cambridge office building
The 9,023 sq ft modern office building is currently let to Atos IT Services until December 2013. Turnstone bought the property from Morden College, Blackheath, London.
Rents in the building are currently £16.85 per sq ft. Turnstone believes the property offers an ideal refurbishment opportunity which will significantly add value.
Earlier this year Turnstone Estates appointed former Savills director Tim Deacon to assist a development drive focused on office and leisure based schemes. He commented: "This deal represents the first phase of our new investment programme. We will actively manage the property, which we believe will become a key asset during our expansion. We are seeking further acquisitions within the Cambridge office market in the near future".
Turnstone was advised by Finn & Co while Gerald Eve represented the vendor.
Established in 1989, Turnstone is one of the most active and dynamic property companies in the south east of England.