SEGRO sells Cambridge business park
A large business park in Cambridge has been sold in a multi-million pound deal according to market reports.
Commercial property developers and investors SEGRO have sold the IQ Cambridge business park to real estate investors Mountgrange. Rumours of a pending deal were first reported in February and it now seems that a transaction in excess of £10m has been agreed for the speculative scheme that is located 5 miles away from the city centre.
The IQ Cambridge business park (formerly Cambridge Research Park) was one of a portfolio of office-based schemes owned by SEGRO. The company also owns the Foster and Partners-designed, 90,000 sq ft IQ Farnborough office complex.
IQ Cambridge is a 112-acre parkland site that is partially developed and offers Grade A office space in low-level buildings. There is also planning consent for a hotel and further office space that if developed could increase floor space to approximately 400,000 sq ft. With the potential addition of new laboratory buildings the whole business park could amount to 600,000 sq ft.
Predominately occupied by technology companies, IQ Cambridge is marketed as a technology / R&D centre. The site also includes the Boardwalk Centre, a “state-of-the-art” conference facility with 4 conference rooms and on-site management services. Rental prices for office space within IQ Cambridge are available on application. A promotion that ended in December offered 6-month rent free periods to new tenants signing 5-year leases.
Gary Hall, Operations Director for construction company Wates, a recent tenant taking 2,500 sq ft of floor space at IQ Cambridge, said: “IQ Cambridge offered us the benefits of a Cambridge base without the town centre congestion.”
Marketing agents include Savills and Bidwells.
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