Property development firm Brookgate has hired Bidwells to secure development funding for a 163,000 square feet ‘Grade A’ office development. A deal was recently closed, with Aviva Investors providing £87 million in forward funding for the project.
Brookgate is a Cambridge-based property development and investment company, specialised in mixed-use schemes. One of the company’s major initiatives is the development of the new CB1 city quarter in Cambridge. The development, which offers everything from residential and office space to recreational and retail space, is focused on blending the city’s long heritage with more modern flavours. The new city quarter, which has been designed by Rogers Stirk Harbour + Partners, has already attracted key businesses looking for ‘Grade A’ space, including Microsoft, Deloitte, Thales, Mott MacDonald and Carter Jonas.
One of the development areas is 50 & 60 Station Road at CB1, Cambridge. The area will see an office development spanning 163,000 square feet, and is the largest speculative ‘Grade A’ office building in the development.
Specialty consulting firm Bidwells acted on behalf of Brookgate on the development funding. Aviva Investors, acting for Aviva Life and Pensions UK, has provided £87 million in forward funding for the 50 & 60 Station Road development. The deal provides Aviva Investors, according to Andrew Appleyard, Senior Director at the company, with a long-term sustainable investment, “underpinned by an exciting local economy at the forefront of innovation in pharmaceutical, biotech, life sciences and many other areas of technology."
“The speculative funding deal with Aviva Investors is a hugely significant step in the completion of CB1. This deal forms part of £434 million of funding secured so far at CB1, helping to ensure that Cambridge continues to attract large multinational firms and retain its position as a major business and technology hub", explains Sven Topel, Chief Executive of Brookgate.
The project, which has received planning consent, is projected to be completed by February 2019. Teams from Bidwells (from the Business Space, Retail and Leisure practices) will be engaged to provide letting for the 50 & 60 Station Road development.
Commenting on the collaboration with Brookgate, Saul Western, a Partner at Bidwells, says, "Bidwells has been working alongside Brookgate on the implementation of the masterplan and has worked on a number of areas from planning, development funding, retail and business space agency sales and ongoing management and lease consultancy service.”