Morley Fund Management is to forward fund the £37m second phase of Development Securities Cambourne business park in Cambridge.
The 12,262 sq m (132,000 sq ft) project comprises three prime office buildings over 3.07ha (7.6 acres). The first building of 2,878 sq m (31,000 sq ft) has already been prelet on a 20-year lease at an initial rent of £20 per sq ft to Geneva Technology, which also occupies a building in the first phase of the Park. Completion is expected in April this year and the remaining two buildings of 5,016 sq m (54,000 sq ft) and 4,366 sq m (47,000 sq ft) are to be developed on a speculative basis, with completion due at the end of 2001.
Located nine miles from Cambridge city centre, the 69,675 sq m (750,000 sq ft) Cambourne Business Park is part of the new Cambourne settlement, a 420ha (1,040-acre) scheme of 3,300 houses with town centre, retail and leisure facilities.
Julian Barwick, joint managing director, Development Securities, said: “The Cambridge market is fiercely competitive and investors are quite rightly looking for those opportunities that stand out. It is a testament to the success of Cambourne that it continues to attract quality tenants and to attract investment of this calibre.”
EGi News 07/02/01
