Schroders to fund €49m mixed-use development site in Cambridge

One Cambridge Square will form part of a wider regeneration of Cambridge North, located directly opposite the station on the newly created Cambridge Square and adjacent to a 217-room Novotel hotel which is under construction and scheduled for completion in Q4 2020.

The first phase of the development will deliver over 700 new homes, including affordable homes and those for key workers, and 12,000 m2 of office space. Further housing, commercial space, a public square, parks and community facilities are also planned to be developed in phases over the next ten years.
 
SREF will be delivering One Cambridge Square with development partner Brookgate, a Cambridge regeneration and place-making specialist and Network Rail, who own the land on which Cambridge North is being developed.

The 99,743 sq ft (9,266 m2) speculative office development, which has been designed by Perkins and Will, to be certified BREEAM Excellent, will comprise seven levels with 53 basement parking spaces, 364 bicycle spaces. Construction is due to start before the end of the year, with practical completion anticipated in late 2022.  
 
‘The purchase marks SREF’s first investment into the city and is a rare opportunity to acquire a freehold interest,’ said Jessica Berney, fund manager of Schroder UK Real Estate Fund. ‘We are delighted to be funding the first office building for one of the most exciting regenerations in the UK. Cambridge’s position at the forefront of innovation and education is aligned with SREF’s approach to invest in high growth ‘winning cities’ that are benefitting from technological and structural change. We look forward to working with Brookgate to deliver a space from which innovation and growing businesses can thrive.’
 
Sven Topel, CEO of Brookgate, said: ‘Schroders’ decision to fund One Cambridge Square is fantastic news and means we can progress with our proposals for an exemplar commercial building at the heart of Cambridge North. Their commitment to sustainability chimes with Brookgate’s approach and will ensure that we can deliver a contemporary office with outstanding environmental credentials. The deal also represents another step forward for the wider regeneration of Cambridge North, where we are transforming a derelict area into a thriving and inclusive new neighbourhood, providing the community with high quality homes and workspace.’
 
Stuart Kirkwood, Acting Group Property director at Network Rail Property, said, ‘The development of high-quality office space at One Cambridge Square will accelerate further regeneration in the urban quarter of Cambridge North, helping it to become a thriving and highly attractive place to live and work, while having excellent transport links and strong environmental credentials. We’re proud to be working with SREF and Brookgate on this exciting project, which will drive productivity and support the creation of jobs, housing and economic growth in this fast-growing city.’
 
SREF was advised by BH2, MHBC and Stephenson Harwood; Brookgate were advised by Bidwells and Herbert Smith Freehills.