Mantle opening new hub in Cambridge as flexible working soars
Hertfordshire-based commercial property investor and developer Mantle is re-locating its central Cambridge business centre to Nine Hills Road in the heart of Cambridge’s business district.
The current centre at 20 Station Road is being replaced to meet growing demand for flexible office space as enquiries across Mantle’s seven business centres have increased by 27 per cent every year.
Mantle has taken a 10-year lease from University of Cambridge at Nine Hills Road, a 30,000 sq ft building. This is double the size of Mantle’s existing CB1 Centre at 20 Station Road, which the new centre will replace.
Mantle set up CB1 business centre in 2013, under a management agreement with freeholder Brookgate. After seven years of running CB1, the property will now be redeveloped by Brookgate. The old centre will close on November 4 and the current occupiers will transfer to Nine Hills Road.
Mantle’s new centre is just a five-minute walk from Cambridge’s station and a five-minute walk to the city centre. The new centre’s refurbishment has already begun, using Mantle’s London-based architects Selencky Parsons, which has helped Mantle design centres at Kings Court in Stevenage, The Lambourn in Oxford and Thremhall Park in Stansted.
Nine Hills Road is due to open on November 1 and will include brand new co-working spaces and offices in a range of sizes, as well as phone booths, breakfast bars, large meeting rooms, 80 parking spaces, cycle parking, showering and drying facilities.
Guy Baker, chief executive officer of Mantle said: “CB1 has been a huge success with 100 per cent occupancy, so we look forward to having twice the space to meet the high demand in Cambridge from our current customers and those businesses looking for flexible workspace, including meeting the demand for our new ‘Home-flexi’ option.
“While August is traditionally a quiet time of year in our market, we have had an unprecedented number of new enquiries across our business centre portfolio during July and August with a 27 per cent increase year on year.”
The terms of the deal are a 10-year lease at a rent of £32 per sq ft.