Industrial redevelopment for Cambridge offices
Two office buildings on the Buckingway Business Park in Cambridge, have been acquired with the intention of redeveloping the sites for industrial uses.
By Liza Helps Property Editor Logistics Matters
THE SITE totalling 3.83 acres was bought by M&G Investments after a competitive bidding process and it has teamed up with Goya Developments to redevelop it for industrial uses.
The project aims to address the growing demand for industrial and warehouse space in Cambridge providing much needed supply in a tight market.
Planning permission for the demolition of Prospect House, one of the two office buildings on the site, was achieved in February this year and proposes the demolition and redevelopment of the building to provide a 27,738 ft2 warehouse facility with 2,852 ft2 first floor offices including cycle and car parking, electric vehicle charging provision, air source heat pump, landscaping and infrastructure provisions.
Bidwells, which handled the sale of the buildings on behalf of pensions provider Zurich Assurance, noted in its recent Data Book research that there has been a significant reduction in available units during the first half of the year with only 170,000 ft2 of total space currently available. Of this, just 15,377 ft2n comprises new-build accommodation which is in high demand as occupier seek top-quality space.
Bidwells’ head of industrial and logistics Patrick Stanton said: “It is not often that re-development opportunities come to the market in Cambridge. As a result, this site attracted significant interest from a broad range of parties. The detailed planning consent secured by our client for a new industrial warehouse and hi tech facility laid the foundation for what a developer could achieve on this site.
Bidwells advised the seller while Savills acted for M&G Real Estate.
