Investec Specialist Private Bank's Structured Property Finance division (Investec) has provided senior debt development finance to Pace Investments (Pace) to fund the construction of Botanic House in Cambridge, the first speculative development in the city for over 20 years.
The proposed 53,000-ft² (approx. 5,000-m²) office building, which is already under construction, is the first phase of development which includes offices, 165 apartments and 8,000 ft² of retail.
The office building is in a prime office location in the city center close to the railway station. It will be ready for occupation in summer 2012 and will be finished to the highest modern standards with views over the Botanic Gardens.
William Scoular of Investec's Structured Property Finance Division said: "We are excited to be backing this client and project. It's an important milestone for the city and a key indicator that business confidence is improving.
"It also underlines our commitment to supporting high quality schemes backed by successful developers such as Pace. Having already attracted a high level of interest from potential tenants we are confident that this project will be very successful".
Johnny Vincent, of Pace commented, "We have taken the initiative to start the project speculatively, which underlines our belief that there is strong demand for new high quality offices in central Cambridge. We are delighted to have the support of Investec, who have shown that their specialist approach and detailed understanding of development puts them at the forefront of property lending."
Source: Citigate Dewe Rogerson