CBRE Global Investors, acting on behalf of a pension fund client, has completed a 40,000 sq ft office development and decked car park at 270 Cambridge Science Park, Cambridge. The development was pre-let to Worldpay Limited on a 15-year term.
CBRE Global Investors acquired the long leasehold interest of 270 Cambridge Science Park in 2013 which includes a circa 39,000 sq ft office building consisting of ground floor and two upper floors. Worldpay is a tenant of this office and pre-let the new development before construction began. The new office comprises ground floor, three upper floors and a decked car park.
The Grade A office is designed to offer flexible, column-free office space, capable of subletting through the central core. The office has achieved BREEAM excellent rating.
Cambridge Science Park is the UK’s oldest and most prestigious park. It was developed by Trinity College and of the 100 companies and 5,000 workers on the site, the majority are involved in scientific research and development. It is located three miles from the city centre of Cambridge and close to the A14.
“When we acquired the asset, the intention was to develop this site and add value to our client’s portfolio by taking on some development risk,” commented Ian Wilson, Senior Director, CBRE Global Investors. “With Worldpay having agreed a pre-let of the new office we mitigated the void risk. Worldpay are moving into grade A office space and we hope their employees enjoy their new building”.
The architects acting on behalf of CBRE Global Investors were BDP.