M&G Real Estate has bought two office buildings at Buckingway Business Park in Cambridge from Zurich Assurance Life.
Prospect House and Carisbrooke Court, with a combined total of 52,053 sq ft, are expected to be redeveloped as part of the wider business park revamp.
According to market sources, the gross development value of the conversion will be close to £20m.
Earlier this year, Zurich Assurance secured planning permission to demolish Prospect House and construct a new warehouse, including ancillary office space, cycle and car parking.
Carisbrooke Court comprises five offices arranged over two floors. Three of the five offices are currently let, producing £163,074 per annum.
M&G will team up with Goya Development, which owns adjoining plots at the park, in a move to address the growing demand for industrial and warehouse space in Cambridge.
Patrick Stanton, head of industrial and logistics at Bidwells, which acted on behalf of the vendor, said: “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.”
Savills acted for M&G Real Estate.
Image from Bidwells
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