Joint developers of Cambridge Biomedical Campus (CBC), Liberty Property Trust and Countryside Properties, have agreed a 100,000 sq ft net pre-let with leading life sciences company, Abcam Plc.
The deal is the first on the 20 acre phase 2 expansion of CBC since planning consent was granted at the end of last year to meet growing demand from prospective occupiers. It sees Abcam secure a 20 year lease for its new global headquarters, enabling it to bring three existing Cambridge facilities under one roof at the rapidly growing biomedical campus. The new state-of-the-art facility to be constructed by Liberty and Countryside has been forward funded by Tesco Pension Fund, who saw off strong competition from a number of other significant players in the property investment industry.
Andrew Blevins, Managing Director of Liberty Property Trust, said: “The decision by Tesco Pension Fund to purchase the building before we have even started construction is testament to the success of the campus. The phase 2 masterplan has been designed to promote and enhance the connectivity and communication which is fundamental to CBC’s collaborative ethos and success. It is already a world-renowned centre of clinical and healthcare excellence and is going from strength-to-strength. We look forward to welcoming more occupiers in the future.”
Cambridge Biomedical Campus, located two miles south of the city centre, is home to a unique combination of world-class biomedical research, patient care and education on a single site including: The 2,300,000 Square foot Phase 1 expansion of the campus has already been allocated to allow expansion for;
- Cambridge University Hospitals Trust
- The University of Cambridge
- Medical Research Council: Laboratory of Molecular Biology
Construction is also underway on a new global research and development centre and corporate headquarters for AstraZeneca and the new Papworth Hospital, a state-of-the-art facility for patients requiring heart and lung treatment.
Malcolm Lowe-Lawri, Executive Director at Cambridge University Health Partners, who currently help to promote and manage the campus, said:
For Abcam to locate their global headquarters on the Biomedical Campus is a further example of how the site has become a focal point for UK Life Sciences. They are one of many companies in Cambridge from ARM to HP Autonomy and Aveva who are demonstrating how our city has the skills, talent and aspiration to drive economic growth in the UK. On the Campus we have the physical space to accommodate expansion which allows industry, researchers and the NHS to develop ideas, treatments and new technology to meet the healthcare needs of the future. Nowhere in the UK and rarely across the world do you find the unique set of opportunities we have in Cambridge.
Construction has just commenced and completion is expected in late 2018.
Bidwells acted for the joint developers of Cambridge Biomedical Campus, Liberty Property Trust and Countryside. John Miles & Company and Creative Places acted for Tesco Pension Fund.