Railpen, the steward of the UK's €39bn railways pension scheme, has commenced construction on Botanic Place, a transformative 30,943 m² office development that signals Cambridge's emergence as a global headquarters destination. The €276m project, delivered by main contractor Skanska UK, represents the largest speculative office development to break ground in the South East this year, with completion targeted for early 2028.
Strategically positioned adjacent to Cambridge University Botanic Garden, the development comprises two flagship buildings designed by Stirling Prize-winning AHMM. The larger structure spans 15,886 m² across eight floors with a rooftop pavilion, featuring floorplates accommodating up to 2,452 m², while the adjacent building offers 13,657 m² across six storeys with floorplates reaching 3,066 m². What sets this development apart is its integration of over 3,716 m² of planted terraces and its preservation of the historic Flying Pig pub, creating an ecosystem that rivals London's premier office destinations.
The project addresses a critical gap in Cambridge's commercial real estate market that has been constraining the city's tech sector growth. Unlike London's saturated market, Cambridge offers established companies the opportunity to secure substantial headquarters space at competitive rates while accessing the university's talent pipeline. This positioning could trigger a domino effect, with major corporations potentially relocating entire divisions to benefit from lower operational costs and Cambridge's innovation cluster advantages.
Matthew Howard, Head of Property at Railpen, emphasised the development's strategic importance: "The appointment of Skanska UK to deliver Botanic Place begins the creation of this best-in-class, generational office headquarters scheme in the best location in central Cambridge. Demand for headquarters space in the city is strong, driven by the growth of the innovation and technology sectors, but this will be the first development of a truly global standard."
The scheme targets BREEAM Outstanding, WELL 'Platinum', and WiredScore 'Platinum' certifications, positioning it within the emerging ESG-compliant commercial real estate category that institutional investors increasingly demand. Botanic Place forms part of Railpen's ambitious 176,516 m² Cambridge innovation cluster spanning 11 assets, with the second development, Mill Yard, already under construction adjacent to Cambridge station.
Howard added: "The start of construction of Railpen's second development in Cambridge also adds to our momentum as we establish an eco-system supporting growth in the city and the UK economy as a whole." The development partnership includes Socius, Real PM, and AHMM, delivering 1,393 m² of internal amenities alongside event spaces and F&B areas that could redefine workplace expectations beyond London's traditional offerings.
People mentioned:
- Matthew Howard, Head of Property at Railpen
Companies and their roles:
- Railpen - Developer and investor, manager of £34bn railways pension scheme
- Skanska UK - Main contractor
- AHMM - Architect (Stirling Prize-winning)
- Socius - Development partner
- Real PM - Development partner
Image: BOTANIC PLACE (render)
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