The council has agreed to pay £16.4 million ($23.5 million) for the freehold of a 50,000-sf three-storey building. Construction is expected to begin in summer 2002, with completion due in Autumn 2003.
Located nine miles from Cambridge city centre, Cambourne Business Park forms an integral part of the new Cambourne settlement, a 1,040-acre scheme of 3,300 houses with town centre, retail and leisure facilities. The decision to move to Cambourne was taken following extensive independent research by surveyors, Lambert Smith Hampton to find the most efficient and cost effective solution to the Council's requirements.
Existing tenants at the Business Park are serviced office provider Regus, Software firm Citrix and international telecommunications software developer, Convergys. A £37 million ($53 million) second phase was completed early in 2002.
Development Securities was represented by ATIS Real Weatheralls and FPD Savills.
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