Bidwells advises on £22m speculative warehouse development in Cambridge
Bidwells has advised Barwood Capital and its development partner Goya Developments on the forward sale of Buckingway Business Park to M&G Real Estate.
The 155,000 sq ft asset is the largest speculative warehouse development built in Cambridge for 15 years and has changed hands for £22 million.
Bidwells’ Saul Western said: “To fund a speculative scheme highlights the level of investor demand for modern industrial investments in such a sought after location which has seen so little new space delivered in the last few years.”
The transaction has been sealed during construction of Buckingway Business Park’s four warehouse units which range in size from 25,000 sq ft up to 50,000 sq ft.
The development lies adjacent to Cambridge Services on the A14 and will provide a boost to an area where there is a marked imbalance in the supply and demand of modern industrial units.
Barwood Capital forward funded the development for the benefit of its 2015 Property Fund investors. Due for completion in February 2018, the scheme is likely to attract significant occupier interest.
Sitting on Junction 28 of the A14, the multi-let development will offer easy access to Cambridge, Huntingdon and north London. The proposition is likely to become even more appealing once work is complete on construction of the new three and four lane carriageway sections of the A14 which will bypass Huntingdon and provide a fast link between Cambridge and the A1 at Brampton.
Ed Henson, director of Barwood Capital commented: “The UK’s regional commercial property market continues to see an unprecedented demand from both investors and occupiers for well-built and well-located warehouse stock.
“Our development at Buckingway has been a prime example of meeting such demand. We continue to invest in the UK’s regional distribution sector, through our latest 2017 Property Fund which exceeded expectations with its £42m first close.”
Bidwells is retained as a letting agent for the scheme alongside Cheffins and Savills. JLL were joint funding agents with Bidwells.
Further details from Patrick Stanton in Bidwells’ Business Space team on: 01223 559262; Mobile 07918 709399; Email: patrick.stanton [at] bidwells.co.uk