Major new Cambridge letting to ultra-fast battery innovators energises Cambridge market
Bidwells has pre-let a 37,000 sq ft research space at Evolution Business Park on behalf of Cambridge Realty – the first significant letting deal in the city for a year.
The facility, located on the outskirts of Cambridge's Northern Cluster, has been taken by ultra-fast charging company Nyobolt to create the company's UK research and development centre.
The high-performance battery experts will now proceed with their fitout of the building, which will include both labs and office space, at Evolution Business Park, which is located west of the A10, just over a mile from the renowned Cambridge Science Park.
Bidwells' Business Space Agency (BSA) team acted for East of England investor and developer Cambridge Realty, securing the lease in negotiation with Eddisons, who acted for the occupier, with each helping ensure a smooth transaction and secure the space for the occupier in quick time.
The high level of demand for laboratory and office space in Cambridge continues, running close to record levels in the city, exceeding two million square feet at the end of 2022, representing an 68% percent increase from H1 2020 in the early days of the pandemic.
Knowledge-intensive businesses, such as those involved in pharmaceuticals and diagnostics, have accounted for more than 80 percent of the combined office and laboratory floor space take up across the city over the past two years, amounting to 900,000 sq ft.
George Craig, Associate, Business Space Agency at Bidwells, said:
"At nearly 40,000 sq ft, this deal is one of the largest in Cambridge over the past year in a market that has been desperately starved of space. There has been an almost fourfold increase in Cambridge laboratory requirements since those pre-pandemic days, pushing demand to over 1m sq ft, but we have seen very little space coming forward.
“Thankfully, that is beginning to change with around 370,000 square feet of space expected to be completed in 2023 and a more sustained supply pipeline expect for 2024, albeit not yet meeting demand.
Dr. Sai Shivareddy, CEO of Nyobolt, said: “Following our latest round of funding, Nyobolt has continued its rapid expansion. As we accelerate the development, manufacturing and commercialisation of our technology, our requirement for tailored laboratory space has also evolved. We’re delighted with our new location in Cambridge, at the centre of the science ecosystem that is so important to us.”
Ben Green, Director at Eddisons said: “It is a challenging market for occupiers with its limited supply of available buildings. We were therefore pleased to apply our market knowledge and expertise to secure this new facility for Nyobolt”.