Aviva Investors has agreed to pay £87m to forward fund a major development at Brookgate’s CB1 scheme in Cambridge.
Aviva will buy the site and fund construction of the 163,000 sq ft grade-A office at 50 and 60 Station Road – the largest to be developed in Cambridge city centre.
The Grimshaw-designed scheme is expected to be finished in 2018.
November 2015: Brookgate seeks CB1 partner
The masterplan for the wider £434m mixed-use scheme includes a public square, 625,000 sq ft of offices, an Accor Ibis Hotel, a 3,000-space cycle park, student accommodation, restaurants, shops and a £4.5m railway station upgrade.
Aviva has also committed to a pipeline of 192,000 sq ft of future development at CB1, which it says will be “in response to occupational demand”.
Ed Casal, chief executive at Aviva Investors Real Estate, said: “As a widely recognised global hub for life sciences and biotech industries, our conviction in the city’s prospects means we are willing to make this commitment, despite uncertainties generated by Brexit. Cambridge has a bright future and we want to be part of it.”
Bidwells acted for Brookgate and will be retained agents on the letting of 50 and 60 Station Road. BCM and Strutt & Parker advised Aviva Investors.
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