23 October 2013
BROOKGATE AGREES PRELET FOR CAMBRIDGE’S LARGEST HOTEL
Accor agrees 20 year lease
Mixed use developer Brookgate has completed the pre-letting of the largest hotel in Cambridge to Accor.
The 231 bed hotel which will form part of the CB1 development will operate under the Ibis brand, with Accor, the world's leading hotel operator signing a 20 year lease with rents rising annually in line with RPI. The development will also include restaurants and retail units fronting the Station Square, and the UK’s largest cycle park, consisting of 3,000 cycle parking spaces.
Brookgate received planning consent for the hotel and cycle park in July 2013. The hotel will be on site in early 2014 and is expected to open in 2015.
The announcement comes just months after it was confirmed that Tesco Pension Fund agreed to fund Twenty Two Station Road, Brookgate’s 64,490-sq-ft office development for a total cost of more than £32 million.
The CB1 masterplan creates a new gateway to Cambridge and will provide 600,000 sq ft of commercial space, 630,000 sq ft of residential, space and 1,000 student rooms, plus retail, restaurants and bars. The project also provides a refurbished station concourse, a new public square and a new transport interchange.
Bidwells are funding and letting agents. Accor was unrepresented.