Rockspring commits to the next phase of development at Cambridge Research Park after letting 52,000 sq ft over the last 9 months

Nov 2017

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Rockspring Property Investment Managers LLP (“Rockspring”) on behalf of Rockspring UK Value 2 LP (“UKV2” or “the Fund”) has signed up new lettings at Cambridge Research Park bringing the total let to over 52,000 sq ft for Rockspring over the last nine months. Since acquiring the Park in November 2014, Rockspring has delivered 80,000 sq ft of development and has committed to a further 75,000 sq ft which signals the demand for business space in Cambridge and Rockspring’s commitment to move the park on.

Recent letting activity includes St James Place Wealth Management, a UK-based wealth management business, who agreed a lease for 7,500 sq ft of space. A further 5,500 sq ft is also under offer at the same building to an existing tenant. 

In addition, Clinical Reference Laboratory (“CRL”), a privately owned clinical testing laboratory has taken 5,600sq ft of space on a 10 year lease at Building 7300, while Thirdlight, the digital media software company has taken a five year lease for 2,500sq ft of space.

These three new lettings totalling 15,500 sq ft follow recent transactions with Inotec and Cellixca earlier this year.

Rockspring commenced work on 75,000 sq ft speculative industrial development which will be ready for occupation in February 2018. The scheme offers nine high quality business units ranging from 5,000 sq ft to 15,000 sq ft. Future occupiers will be eligible to apply for benefits offered by Cambridge Compass Enterprise Zone, which includes providing businesses with government support for development and growth, including business rates relief.

Kim Sardar, European Director at Rockspring, commented:

“The quality of lettings over the course of 2016 and 2017 is a clear endorsement of the extensive asset management initiatives and development programme we have undertaken with XLB at Cambridge Research Park. The growth of the park over the course of our ownership has been significant and we are confident of the Park’s on going appeal as a location of choice for businesses looking to expand in or relocate to the city of Cambridge, a key global hub for Science and Technology.”

Simon Bowder, Partner at XLB, added:

“Urban & Civic have submitted a planning application to bring forward the The Waterbeach Barracks new town development adjacent to Cambridge Research Park to include 8,000 new homes as well as retail and leisure facilities. Determination is anticipated in Q1 2018 which will bring multiple benefits to the Research Park, the surrounding area and its infrastructure.”

Located north of Cambridge city centre and 4 miles north of the A14, Cambridge Research Park comprises a total of 330,000 sq ft of business space providing office, laboratory, hi-tech and industrial accommodation The self-contained campus offers a range of amenities to tenants, including Pilates, bootcamp, car valeting and dry cleaning drop and collect service.

Rockspring UK Value 2 is the second fund in a sequential, UK-only closed-ended real estate strategy with a core plus risk profile. The Fund held its final close in February 2015, securing a total of £342 million of equity from 11 investors for the Fund, which will have a duration of seven years.

XLB Property is the development and asset manager at Cambridge Research Park, while Savills and Bidwells acted for Rockspring.