Around the market – East of England

Agents pick most significant deals (six months to end August) AstraZeneca’s global HQ, Cambridge Biomedical Campus Developer Liberty Property Trust and Countryside PropertiesSize 750,000 sq ftTenant AstraZenecaValue £330m development Chosen by Christopher Reeve, Bidwells The biggest deal for Cambridge (and arguably the UK) is AstraZeneca’s decision to relocate its global HQ to the Cambridge Biomedical Campus.  AstraZeneca’s new £330m purpose-built facility, to be developed jointly by Liberty Property Trust and Countryside Properties, will occupy around 11 acres of the 70-acre development, providing well over 750,000 sq ft.  The campus is designed to offer occupiers an environment that encourages face-to-face interaction. For cutting-edge businesses, no amount of computer-based “social media” can compete with this, and I believe the most successful property schemes of the future will be those that provide locations and environments enabling people with shared interests to easily interact.  Eastgate House, Norwich Buyer Private clientSize 26,000 sq ftPrice “Substantial six-figure sum” Chosen by James Allen, Roche Chartered Surveyors The office market in Norwich is slowly picking up after an extremely weak first half. But since the summer, several well-funded private local companies that have been biding their time have decided it is opportune to buy. This is exemplified by the sale of Eastgate House in Thorpe Road, a 26,000 sq ft 1970s building, previously home to various government departments but largely vacant for at least the past three years. It is basically sound, with large open-plan floorplates, good natural light and parking for 100 cars, but requires comprehensive refurbishment. The building was sold last week to a private client of Arnolds Keys for an undisclosed “substantial six-figure sum”.  This follows Guardline’s purchase of the 36,000 sq ft St Peter’s House in Cattlemarket Street recently.  Chesterford Research Park Developer Aviva Investors and Churchmanor EstatesTenant BioFocusRent Not disclosedSize 60,000 sq ft prelet Chosen by Rob Sadler, Savills The South Cambridge science cluster continues to attract international interest as it becomes not only a leading location in the UK for life sciences, but also a city recognised on a global scale as a world-leading bio-medical destination.  The agreement between BioFocus and Aviva Investors at Chesterford Research Park for the new Robinson Building, a 60,000 sq ft state-of-the-art laboratory facility, represents one of the largest life sciences prelets in the Cambridge area for many years. The deal demonstrates the strength of Chesterford Research Park in meeting BioFocus’s property needs on the park over the years.  The prelet firmly places Cambridge on the map as the centre of excellence in this sector and we expect others to follow, supported by AstraZeneca’s decision to select Cambridge as the location for its new R&D centre and UK corporate headquarters. Planning – 12 months to end of July Total number of applications: -2% on 2012 Biggest sector loser – telecoms down 91%; leisure down nearly 25% Biggest winner – residential up 21% Biggest sector in terms of absolute numbers of applications – 247 residential Big applicationOn Valentine’s day The Witringham Park consortia put in three outline planning applications for homes and a business park. Who Witringham Park consortia What 2,800 resi units, 680,000 sq ft employment a district centre and shops Where St Neots When 14 February   Big decisionPlanning has been granted for the part of the University of Cambridge’s West Cambridge site. Who University of Cambridge What 116,000 sq ft chemical engineering and biotech scheme Where West Cambridge site When 3 December Top decisionLend Lease received planning consent for an extension of its West Village.Who Blueco Ltd Where The West Village (and adjacent land) Bluewater Shopping Centre, Greenhithe When 23 August What 380,000 sq ft. RefusalPeel was turned down for its application to regenerate 14.6ha of docks on design groundsWho Peel Land and Property Where Chatham Docks, Kent When 20 June What 1.9m sq ft of employment, residential, student accommodation, hotels, leisure, conference and education facilities, and retail. EG gauges the trials and tribulations of the East of England property market Going up Research park preletAviva Investors’ Chesterford Research Park signs a 60,000 sq ft prelet to pharmaceutical firm BioFocus Waterfront splashIt has taken 20 years but plans to regenerate a derelict waterfront site with a 60,000 sq ft scheme in Woodbridge, Suffolk, have been given the go-ahead Digs on the increaseStudent bed numbers in Norwich are set to increase as Alumno unveils plans for a 228-bed scheme in the city centre. BSM takes a puntBarker Storey Matthews is crowned winner of this year’s Bidwells Punting challenge following a race involving secret weapons and unorthodox modes of propulsion Going down Commission screens cineworldThe competition commission has provisionally ruled that Cineworld must offload the Arts Picturehouse, Cambridge, and Abbeygate Picturehouse, Bury St Edmunds,  over fears of unfair dominance in those markets. CB1 phase rejectedBrookgate’s plans for the next 133,000 sq ft phase of its CB1 development in Cambridge were turned down for a third time by city planners. The developer plans to appeal.