Brookgate secures funding for new pre let office building at 20 Station Road, CB1 in Cambridge
Bidwells has advised Brookgate on securing funding for a new development at 20 Station Road, part of the CB1 Estate in Cambridge, from Aviva Investors, the global asset management business of Aviva plc, and Canadian pension investment manager, PSP Investments.
The partnership is funding the 65,000 sq ft office building, which has been fully pre-let to Fora, a premium flexible workspace provider. On leasing Brookgate was advised by Bidwells and JLL.
20 Station Road has been designed by award-winning architecture and design firm tp bennett as part of Brookgate’s ongoing development of the CB1 Estate around Cambridge Station. The six-storey high-spec office building is the latest to be funded at CB1 which houses a collection of globally-renowned employers and businesses that have moved into the Estate.
20 Station Road will open its doors in 2023. The space will be uniquely designed to reflect the local area and incorporate open desks, private offices, meeting rooms, wellness areas, event space and roof terraces.
This latest funding deal comes just weeks after Bidwells helped Brookgate agree the forward funding of One Cambridge Square, with Schroder UK Real Estate Fund, which will see the development of a new GBP45 million Grade A office building situated within Brookgate’s other major Cambridge scheme - the mixed-use 40-acre urban quarter of Cambridge North.
One Cambridge Square will form part of a wider regeneration of Cambridge North, located directly opposite the station on the newly created Cambridge Square and adjacent to a 217-room Novotel hotel which is scheduled for completion in Q4 2020. Cambridge North will be a gateway to the existing business clusters of Cambridge Business Park, Cambridge Science Park and St John’s Innovation Park, and in the first phase will deliver over 700 new homes, including affordable homes and those for key workers, and 12,000 sq m of office space
Bidwells provides Brookgate with development funding, planning, project management, estate management and leasing advice across its major Cambridge schemes.