Turnstone Estate Sells

Turnstone Estate Sells Half Share in Cambridge Offices | 23/11/09

Turnstone Estates, the private property development company run by Chris Goldsmith, has sold a 50% stake in the Broers Building, its latest office project in Cambridge to Burall Developments for an undisclosed sum.

The two companies have formed a new joint venture, Nafield Properties, in which to hold the investment.

Located on the University of Cambridge’s East Forum site, the Broers Building will provide 42,236 sq ft of office, research and development and ancillary space when it completes later this year. The building has been designed to attract private organisations whose activities are relevant to entrepreneurship and knowledge transfer and already a letting to a major telecommunications company has been agreed.

Chris Goldsmith, managing director of Turnstone comments: "This is an opportunity for us to release embedded equity and represents a recognition by Burall Developments that a high quality project can bring good returns even in a otherwise weak market."

"Teaming up with Chris Goldsmith and Turnstone to bring the Broers Building to life is just the sort of exciting investment we've been looking for," says Burall Developments' ceo David Burall. "Located at the heart of the West Cambridge site the Broers Building offers an R&D resource to global leaders and emerging technologies adjacent to the University's computer laboratory, electrical engineering, nanoscience and physics buildings. The opportunity to develop alongside one of the world’s leading universities is compelling and now the building nears completion one can envisage the benefits this offers to prospective tenants."

Nafield is developing this building on a speculative basis with funding provided by Dunbar Bank. Januarys and Pentlow Properties advised Turnstone and Burall respectively. The letting agents are Bidwells and Januarys.

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For further information, please contact

Chris Goldsmith, Turnstone Estates		Tel: 01245 292 800
Ian Purvis, Porterfield PR		Tel: 020 7647 4420

Note to Editors:

While this is the first property investment in Cambridge for Burall Developments, David Burall is no stranger to the city. Educated at The Leys School he has been in recent years extensively engaged in angel investing in hi tech spinouts from the University and other startups through the Cambridge Capital Group