37 Hills Road, Cambridge

37 Hills Road is a 10,271 sq ft headquarters building in central Cambridge, occupied by a globally recognised technology organisation focused on advancing computing education and digital skills. Elwood acquired the property off-market in 2021 for £7.6 million.

The investment combined secure income from an established occupier with the potential to create further value through active asset management and retain longer-term redevelopment optionality. The property was acquired directly from a private owner through a relationship-led transaction without reaching the open market. Rather than undertaking significant physical intervention, Elwood focused on strengthening the investment through its relationship with the occupier. A successful rent review, followed by a new long-term lease, enhanced income security while supporting the occupier’s continued commitment to the building.

The building has been adapted around the occupier’s specific operational requirements, creating a bespoke headquarters that supports its long-term activities. Elwood’s approach has been informed by an understanding of both the value of the occupier and its role within Cambridge’s wider innovation ecosystem. The team continues to consider the asset within its wider Cambridge portfolio, including unlocking longer-term redevelopment potential at Hills Road.

Today, the investment combines strengthened long-term income, future optionality and exposure to a high-quality innovation occupier. The asset was valued at £8.3 million in March 2026, compared with its £7.6 million acquisition price in 2021.