Funding secured for speculative development in Cambridge

Posted on by John Cronin

A funding deal has been secured for a speculative office development in Cambridge city centre.

Botanic House

Developers Pace Investments have secured development finance from a division of Investec Specialist Private Bank for their speculative Botanic House offices scheme in Cambridge. The actual amount of funding secured has not been disclosed.

The office building, which is already under construction, is the 1st phase of the larger mixed-use development called Botanic Place. The development site is bounded by the University Botanic Garden and is close the railway station.

The lens-shaped office block (pictured) is a 7-storey building offering 53,000 sq ft of floor space with large floor plates of approximately 7,000 sq ft. The offices have been designed by Formation Architects whose other commercial projects include the 200,000 sq ft Octagon offices scheme in Slough.

According to market reports, accountancy giants KPMG are in discussions with Pace Investments regarding a lease of a single floor within the building. There is some speculation that the rental price could reach £31 / sq ft.

Pace Investments first unveiled their plans for the site in 2006. Existing buildings on the site, including a former building also called Botanic House, have been demolished. The £70m mixed-use development was the first speculative office development in this specific area of Cambridge for 15 years. It is somewhat smaller than the CB1 office development that Microsoft have recently agreed to lease.

Commenting on the funding, Johnny Vincent, Chief Executive of Pace Investments said: “We have taken the initiative to start the project speculatively, which underlines our belief that there is strong demand for new high quality offices in central Cambridge”.

 

 

 

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