Bidwells, on behalf of a global pension provider, has brokered the sale of two prominent office buildings, Prospect House and Carisbrooke Court, at Buckingway Business Park, Cambridge.

The combined 52,053 sq ft properties were acquired by M&G Real Estate.

The site, which spans 3.83 acres, was launched to the market in early summer 2024 and attracted strong interest from investors, developers, and occupiers. M&G Real Estate emerged as the winning bidder after a competitive process.

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In partnership with Goya Developments, M&G plans to redevelop the site for industrial use, addressing the growing demand for warehouse and industrial space in Cambridge. The redevelopment will build on M&G's existing holdings at Buckingway Business Park, responding to a tightening market.

Recent data from Bidwells' H1 2024 Data Book shows a sharp decline in available industrial units, with only 170,000 sq ft of total space remaining. Of that, just 15,377 sq ft comprises newly built units, which are in high demand among occupiers seeking premium-quality industrial space.

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