Schroders Capital’s real estate team has announced a 33,980 sq ft pre-let with a multinational technology company at One Cambridge Square in Cambridge North, on behalf of the Schroders Capital UK Real Estate Fund (SCREF).
The letting, which will see the technology giant occupy Grade A space across the top three floors of the 93,700 sq ft office building alongside a roof terrace, is the first at One Cambridge Square since SCREF acquired the site from Network Rail in September 2020.
The SCREF team alongside development partner Brookgate is targeting completion of the building in Q2 2023, with the building being built to high sustainability and wellbeing standards, expecting to achieve BREEAM Excellent. Other features include state-of-the-art LED lighting, solar panels on the roof which will generate 30,000 KWH of energy, as well as a biodiverse brown roof which will encourage habitat creation for plants and wildlife. Meanwhile throughout the construction process, more than 90% of waste generated was reused or recycled.
One Cambridge Square is well-placed to respond to the increasing demand from technology and life-science companies who are looking for high-quality workspaces in Cambridge, benefiting from the proximity to a pool of world-leading graduates. The building includes all modern amenities including EV charging spaces, 364 bike spaces, shower and changing facilities to encourage green travel, along with a convenience retail and service offering on the ground floor, aiming to help businesses to attract and retain talent.
The asset is part of a wider redevelopment of Cambridge North, which includes the new railway station with quick access into London and the centre of Cambridge. The masterplan for the area also encompasses 900,000 sq ft of new office and laboratory space, a 217-room Novotel hotel, 425 residential units, and leisure and retail amenities alongside new green areas and public realm.
Throughout the development of One Cambridge Square, SCREF has drawn on the experience of the wider Schroders Capital offices team with a strong track record of attracting long-term well-performing occupiers to the Fund’s portfolio of workspace assets. The SCREF team is using its knowledge from Ruskin Square in Croydon where it is creating over 500,000 sq ft of new office space in the south London borough. Like Cambridge, it benefits from good transport links and has seen the SCREF team create high-quality, ESG-led modern workspaces which have been let to two occupiers on long-term leases which are generating strong returns for the Fund’s investors.
Rob Cosslett, Fund Manager for Schroders Capital UK Real Estate Fund, comments: “We are delighted to have secured our first pre-let for One Cambridge Square, and we are even more pleased to welcome a world class occupier. Upon embarking on the development of One Cambridge Square, we knew it would attract leading technology businesses thanks to its proximity to such a vast pool of world class graduates.
“Alongside Brookgate, we are ensuring innovative companies can benefit from this exciting, revitalised area of Cambridge which is set to become the city’s new business quarter. One Cambridge Square was SCREF’s first acquisition in the city, but the asset and the surrounding area possesses the key fundamentals the Fund is looking for and will allow us to grow income returns, increase exposure in sectors expected to outperform, and strengthen future capital performance potential. Our expert offices team will now look to draw upon their experiences of attracting leading long-term occupiers to our portfolio of assets to fill the remaining space at One Cambridge Square, as well as identify further opportunities across the Cambridge North masterplan where we can deliver strong returns for our investors.”
Sven Topel, Chief Executive of Brookgate, comments:
“Securing a tech giant to anchor the One Cambridge Square development is a testament to the work taking place at Cambridge North to create a new district to attract leading employers. Our ambition is to create a dynamic cluster of businesses at Cambridge North that will make it as successful for the city as the CB1 Development at Cambridge Station which has grown into a thriving Central Business District. With sustainability, community and opportunity at the heart of the plans, this new neighbourhood will be an exciting place to live, work and stay in one of the best located areas in the city”.
