Schroders Capital has secured a 33,980 sq ft pre-let with an unnamed multinational technology company at One Cambridge Square, in Cambridge North, on behalf of Schroders Capital UK Real Estate Fund (SCREF).
SCREF acquired the site from Network Rail in September 2020 and alongside development partner Brookgate is targeting completion of the 93,700 sq ft BREEAM Excellent building in Q2 this year.
Rob Cosslett, fund manager for Schroders Capital UK Real Estate Fund, said: “We are delighted to have secured our first pre-let for One Cambridge Square, and we are even more pleased to welcome a world class occupier. Upon embarking on the development of One Cambridge Square, we knew it would attract leading technology businesses thanks to its proximity to such a vast pool of world class graduates.
“Alongside Brookgate, we are ensuring innovative companies can benefit from this exciting, revitalised area of Cambridge which is set to become the city’s new business quarter. One Cambridge Square was SCREF’s first acquisition in the city, but the asset and the surrounding area possesses the key fundamentals the fund is looking for and will allow us to grow income returns, increase exposure in sectors expected to outperform, and strengthen future capital performance potential.
“Our expert offices team will now look to draw upon their experiences of attracting leading long-term occupiers to our portfolio of assets to fill the remaining space at One Cambridge Square, as well as identify further opportunities across the Cambridge North masterplan where we can deliver strong returns for our investors.”
Sven Topel, chief executive of Brookgate, added: “Securing a tech giant to anchor the One Cambridge Square development is a testament to the work taking place at Cambridge North to create a new district to attract leading employers. Our ambition is to create a dynamic cluster of businesses at Cambridge North that will make it as successful for the city as the CB1 Development at Cambridge Station which has grown into a thriving central business district. With sustainability, community and opportunity at the heart of the plans, this new neighbourhood will be an exciting place to live, work and stay in one of the best located areas in the city.”
