Mixed-use development specialist Brookgate has launched a £105m prime speculative office funding opportunity at CB1, the vibrant new city quarter being developed around Cambridge station.
50 & 60 Station Road, is a 156,000 sq ft Grade A office development located 150m from the mainline station and at the heart of CB1, the new city quarter.
Sven Töpel, Chief Executive of Brookgate, said: “After securing a series of successful lettings at One Station Square we’re now pushing ahead with 50 & 60 Station Road and are seeking a funding partner for this exciting investment opportunity at the heart of the city centre. Cambridge is a hugely vibrant economy and high growth market. We expect rents to hit £40 per sq ft in the next few years. This is the only site available to provide a building of this scale in this location“
The scheme is due to start on site Q1 2016 with completion in 2018. The Grimshaw designed building will match the standard of leading London office accommodation.
The scheme will be ready for occupation in a new high quality environment after completion of the new Station Square, Accor Ibis Hotel, a new 3,000-space multi-storey cycle park and the 125,000 sq ft One Station Square office, along with restaurants, cafes and retail outlets. There are also further residential schemes planned.
CB1 is providing a significant boost to Cambridge’s economy by creating a thriving gateway to the city and attracting businesses, residents and visitors to the area. The CB1 area is already home to a growing cluster of global and UK companies including Microsoft, Mott MacDonald, Deloitte, Thales, Slater and Gordon, AstraZeneca and Apple.
Cambridge Station has 10m passenger movements annually. The mixed-use project is also providing a £4.5m upgrade to the station, a new public square, a multi-storey cycle park, homes, shopping and leisure, in a contemporary and well-managed environment.
Brookgate are advised by Bidwells.
