Cambridge Office Buildings Sold for Industrial & Warehouse Development

Bidwells, acting on behalf of a global pension provider, has successfully facilitated the sale of two key office buildings, Prospect House and Carisbrooke Court, located at Buckingway Business Park, Cambridge. The properties, which together total 52,053 sq ft, have been acquired by M&G Real Estate.

Launched to the market at the start of summer 2024, the site generated strong interest from investors, developers, and occupiers alike. Following a competitive bidding process, M&G Real Estate emerged as the preferred purchaser for the 3.83-acre site.

In partnership with Goya Developments, M&G plans to pursue an industrial redevelopment of the site, which adjoins their existing ownership at Buckingway Business Park. This project aims to address the growing demand for industrial and warehouse space in Cambridge, providing much-needed supply to a tight market.

Bidwells’ recent Data Book figures show a significant reduction in available units during H1 2024, with only 170,000 sq ft of total space currently available. Of this, just 15,377 sq ft comprises new-build accommodation, which is in high demand as occupiers seek top-quality industrial space.

Patrick Stanton, Head of Bidwells’ Industrial & Logistics team, commented on the transaction: “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.”

During the sale process, Bidwells acted for the global pension provider and Savills acted for M&G Real Estate.