M&G Real Estate has achieved practical completion and secured the first letting at its £22.5 million speculative, multi-let industrial development – The 4 Front, Buckingway Business Park in Cambridge.
With tenant demand resilient across the Cambridge market and a lack of competing supply, the four warehouse units incorporated in the 155,000 sq ft asset will boost capacity in the region with unit sizes ranging from 25,000 sq ft up to 50,000 sq ft.
Located within the established warehouse location of Buckingway Business Park, close to the Oxford-Cambridge growth corridor, the asset is at the forefront of environmental efficiency, featuring photovoltaic panels, electric car charging points, increased natural daylight and a 20% reduction in carbon emissions over 2013 building regulations.
David Crowley, Director, Logistics and Industrial Asset Management and Leasing at M&G Real Estate, says: “The decision to supply funding for the development of The 4 Front is in line with our strategy of investing in good locations with strong tenant demand, and the Oxford-Cambridge ‘brain belt’ has proven to be a terrific success story for the British economy.
“Given the ongoing demand in the logistics market, financing new developments provides a cost-efficient entry point and gives us the opportunity to deliver the type of assets the occupiers are seeking at present. M&G Real Estate’s £2.4 billion industrial and logistics portfolio has benefited greatly from capital appreciation of new build and speculatively developed assets.”
Savills and Bidwells are the letting agents on the scheme.
