M&G Real Estate has acquired two office buildings on Buckingway Business Park in Cambridge from a global pension provider for an undisclosed price, with a view to undertaking an industrial redevelopment of the assets.
Prospect House and Carisbrooke Court, which together offer 52,053 sq ft of office space on a 3.83-acre site, will be redeveloped into industrial space by M&G and its partner Goya Developments.
According to Bidwells, which acted for the global pension provider on the sale, the site generated “strong interest” from investors, developers and occupiers alike, and following a “competitive bidding process” M&G Real Estate emerged as the preferred purchaser.
Patrick Stanton, head of Bidwells’ industrial and logistics team, said: “It is not often that development sites come to the market in Cambridge. As a result, this opportunity attracted significant interest from a broad range of parties. The detailed planning consent secured by our client for a new industrial warehouse, and hi-tech facility laid the foundation for what a developer could achieve on this site.”
Savills acted for M&G Real Estate on the acquisition.
