Barker Storey Matthews Cambridge office has sold 2 Kings Court in Newmarket, a prominently located office facility comprising 4,370 sq. ft., for the second time in as many years.
The property comprises a prominent three storey detached office building which has been sub-divided into a number of private offices, meeting rooms and open plan areas. The unit includes 21 allocated car parking spaces and benefits from excellent access onto the A14 and the A11.The Kings Court estate is a landscaped development of 15 self-contained office buildings situated in Newmarket’s principal commercial area on Willie Snaith Road adjacent to Tesco’s.
2 Kings Court has been sold to a private investor at a price of £750,000, reflecting a net initial yield of approximately 7.5%. The property is currently let to iBubble Group Limited on a 10 year lease term.
Ben Green, Director at Barker Storey Matthews, commented “There is a high level of Investor demand for good quality commercial property in the current market. We were able to take advantage of improved market conditions by re-gearing the current tenant’s lease and selling the property on at an enhanced value”.
