Cambridge, UK – JUNE 2026: Mantle (https://mantlespace.co.uk/), which operates the largest flexible workspace network in Cambridge, is continuing to expand its presence in the city through the acquisition of the ASC Building. The office property is being purchased by Mantle and its partner, TR Property Investment Trust.
The 26,000 sq ft freehold office building occupies a highly strategic location at the gateway to the 650-acre Cambridge Airport estate. The wider site is now being transformed into the new Cambridge East district following its acquisition by government-backed Homes England, in partnership with The Hill Group, from the Marshall Group, positioning Mantle and TR Property Investment Trust at the forefront of a major regeneration program.
The building was purchased from the BMW Pension Fund, which is administered by Legal & General, and was acquired for ยฃ6,475,000, reflecting an initial net yield of 10.75% and a capital value of ยฃ247 per sq ft.
Marshall has committed to ceasing airport operations by 2030, unlocking the opportunity for comprehensive redevelopment of the property. This transformation has been accelerated by the recent acquisition by Homes England and The Hill Group, who are progressing plans for the new Cambridge East district, set to be one of the UKโs largest urban extension projects.
The scheme is expected to deliver more than 10,000 homes and at least 3 million sq ft of commercial space. It will also support around 9,000 jobs, and the creation of infrastructure, public amenities and green space. The development forms a central part of the Governmentโs wider growth strategy for the OxfordโCambridge corridor, with Chancellor Rachel Reeves highlighting the site as a key opportunity to unlock housing, investment and economic growth.
The wider regeneration of the airport site, alongside the adjacent District East scheme is expected to play a transformative role in the future of East Cambridge. The area will also benefit from enhanced connectivity, including the proposed Cambridge East railway station, providing direct links to Cambridge station and the wider national rail network.
The acquisition forms part of Mantleโs wider expansion strategy and will bring the total number of centres to nine, with further locations currently being explored both within and beyond its existing geographic footprint. Recent senior leadership appointments including Alexandra Livesey as fractional MD and Matthew Palmes, Finance Controller, have further strengthened the businessโs capability to scale, supporting its ambition to expand its portfolio and brand presence over the coming years.
Guy Baker, CEO of Mantle, commented, โThis strategic acquisition supports our continued expansion across the Growth Corridor and the wider South East. We are focused on identifying office assets with strong repositioning potential and enhancing them through our Mantle Space operating platform, creating vibrant, flexible environments where smaller businesses can thrive. We are currently exploring the introduction of additional equity to accelerate our growth ambitions and deliver strong, outperforming returns for our investors.โ
George Gay, Direct Property Fund Manager, TR Property Investment Trust, commented: โWe have long been talking about the growing gulf between in-demand offices in the right locations, where rents continue to edge higher, and โthe restโ, which have suffered as a result of remote working.
โThis acquisition sits firmly on the right side of that divide. The building provides TR Property with secure income today, at the gateway to one of Cambridgeโs most important regeneration areas, while also offering the opportunity to improve and reposition the space in future with an experienced local serviced office partner.โ
Savills acted on behalf of Legal and General and BMW Pension Fund, while Cheffins represented Mantle and TR Property Investment Trust PLC.
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