The Crown Estate is working up plans to redevelop Cambridge Business Park into a £1.5bn mixed-use scheme.
The landed estate appointed JLL to work up options for the 350,000 sq ft park in summer 2023.
The Crown said through redeveloping Cambridge Business Park, it intended to “create an inclusive destination, connecting ideas, people and industries that facilitate important science innovations with tangible social impact”.
The project is part of the Crown Estate’s wider long-term ambition to invest up to £1.5bn in the science, technology and innovation sectors nationally over the next 15 years.
It said it aimed to deliver a scheme that will “fulfil a wider mission-led purpose, fuelling meaningful social, environmental and economic change for the public good that connects top talent, research and funding to address urgent global challenges”.
Crown Estate chief executive Dan Labbad said: “The Crown Estate is investing where it can have the most meaningful impact in addressing areas of national need, meeting local challenges and realising opportunities. Our vision for Cambridge Business Park is to create an inclusive and connected place that is industry leading in terms of sustainable and innovative workspace.”
He added: “Working with government and our partners, we intend to contribute to the UK’s science, technology and innovation sectors’ success on the global stage, acting as a catalyst for innovation and economic growth, while delivering a community of socially conscious and environmentally focused business leaders.
“We are confident Cambridge Business Park will play a pivotal role not only in enabling SMEs to scale up, but also in connecting and convening the brightest minds and organisations to innovate with impact and support our wider aims of improving planetary health.”
The Crown said the redevelopment of the business park was still in its infancy, with the masterplan in very early stages of design and a wider public consultation planned for later this month.
The site currently comprises 12 buildings across 20 acres. The developing masterplan intends to create a thriving and biodiverse innovation-led destination comprising a mix of retail and leisure spaces, a new high street, “science on show” focused lab buildings and office space and homes.
Central to proposals will be a “no borders” ethos through the opening up of the site, creating improved accessibility and connectivity to Cambridge North station and surrounding science parks, as well as opportunities for young people and the community to enjoy the facilities and access STEM educational opportunities.
Subject to planning, construction is anticipated to begin in 2026 through a phased approach, with the new park open and operational by 2030.
Image © Studio Egret West
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