Aviva Investors and PSP Investments have agreed to jointly fund a 65’000 sq ft office development at 20 Station Road, Cambridge.
The development has already been fully pre-let to a premium flexible workspace provider through a joint venture. The building is designed to be six storeys and will feature high-specification office space that will include open desks, private offices, meeting rooms, wellness areas, event space and roof terraces.
20 Station Road represents further investment in assets that both Aviva Investors and PSP Investments have acquired in Cambridge. Both companies view Cambridge as a prime city with high-quality real estate that caters to businesses, communities and individuals.
In November 2019, the partnership announced an investment package of up to £250 million in commercial property across CB1. This 26 acre estate includes 30 Station Road, an 81’500 sq ft scheme that has already been pre-let to a global tech company under a 10 year FRI lease and is due for completion in Q3 2021, and 50/60 Station Road, a 167’000 sq ft grade A development that was completed in April 2019. 50/60 Station Road was also fully let in 2019 to various high-profile tenants including Brewin Dolphin (wealth management), Genomics (genome research specialist), and WeWork.
Daniel McHugh, Managing Director, Real Estate at Aviva Investors, said: “We are very pleased to grow our partnership with PSP Investments, in a city which we believe represents one of the most attractive real estate opportunities in the UK. We believe that adding 20 Station Road to our existing portfolio provides us with a high-quality asset that sits well within our strategic focus on core locations, and which can offer long-term growth and performance potential for investors.”
Stéphane Jalbert, Managing Director of Europe and Asia Pacific Real Estate Investments at PSP Investments, said: “The continuation of our partnership with Aviva Investors in Cambridge reflects our confidence in the city’s long-term performance potential as a centre of innovation. Cambridge’s world leading education and research institutions act as a hub and anchor for the artificial intelligence and life science disciplines, making the region a key knowledge cluster driving future performance.”
20 Station Road was designed by award-winning architecture and design firm tp bennett and is being developed by Brookgate.
Bidwells advised Brookgate throughout the funding negotiation process.
Construction is expected to be completed in 2023.
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