JPMorgan has put the Foundation Park office and laboratory business park in Maidenhead up for sale, seeking £82.13 million, or an 8.5% net initial yield.
Knight Frank and Savills have been appointed to sell the campus, which covers 12.5 acres and comprises five multi-let and single-let buildings, with 60% having been developed in the last three years.
Eighty-five percent of income at the park is derived from life science and innovation companies.
The prospectus says there is significant reversionary potential, with an average rent of £31.20 per square feet compared to prime Maidenhead rents of £52.50 per square foot.
The offices and lab space totals 229,860 square feet. Tenants include Biogen, Hitachi, McGraw Hill and Informatica.
There is also immediate development opportunity with planning permission granted for another 109,785 square feet.
JPMorgan Asset Management bought the office park for £55.4 million from Frogmore, supported by funding from RBS, in November 2015.
It increased occupancy levels and enhanced the amenities, including the introduction of a regular shuttle bus service to and from Maidenhead train station, on-site exercise classes and a modern café.
It signed its first life science occupier at the park in 2022 when LabCorp Clinical Development took 16,500 square feet at the recently constructed Building 5 for a 10-year term.
Foundation Park secured planning consent in November 2019 for 165,000 square feet of space with the flexibility to offer lab capabilities to “intelligence industries”.