Slough Estates International (SEI) announces it has completed the disposal of the Fire Control Centre, Cambridge Research Park (CRP) to Evans Randall for €38.1 mln (£26.2 mln)
The transaction involves the forward sale of a 2,905.8 m² (31,278 sq. ft) three storey office building to be used as a Regional Control Centre for the Fire & Rescue Service. The building, which will serve the entire East of England on a 24/7 basis, is one of eight currently contracted by the Department for Communities and Local Government (DCLG) to be built in England. Development of the Fire Control Centre will commence in March 2007 and is expected to cost £21.4m, including an annual licence fee of £1.35 mln for the three year period between completion and commencement of income. SEI is paying this licence - to Evans Randall in order to enable the forward sale of the site. John Heawood, UK Property Director commented: "This is the largest pre-lease in the Cambridge market for a number of years. The sale is in line with the proactive and flexible approach SEI takes, maximising the value of its portfolio through the aggressive recycling of assets. It demonstrates SEI's ability to deliver complex buildings to bespoke occupier requirements and continues the pace of development at CRP."
Source: Slough Estates