The proposals are expected to contribute around £650 million to the UK economy each year, according to the Crown Estate
Cambridge Business Park could be redeveloped(Image: Google)
Plans for a major redevelopment of Cambridge Business Park have been submitted by the Crown Estate. The £2 billion redevelopment is hoped to “create a vibrant, innovation-led destination”.
The planning application has now been submitted to Cambridge City Council and South Cambridgeshire District Council’s Joint Development and Management Committee (JDMC). The plans aim to join up the recently submitted masterplan for Cambridge Science Park with schemes at Cambridge North.
The proposals are expected to contribute around £650 million to the UK economy annually. The Crown Estate said the development is designed to become a new “epicentre” for the area and plans have been shaped by three rounds of public consultation and workshops with local schools.
The submitted plans include proposals for:
Up to 1.8 million sq ft of office and research and development space;Support for more than 8,000 jobs across a range of sectors;A new neighbourhood with up to 500 new homes, including 40 per cent affordable housing proposed;Nearly 60,000 sq ft of new retail and leisure space including shops, restaurants, bars and cafes;Support for around £25 million in annual local expenditure;Green public spaces and a new main square;Enhanced connectivity, with new walking and cycling routes, multiple new access points, a new guided bus stop, and improved links between the Innovation District, Cambridge North Station and key clusters across Cambridge, Oxford and London;A highly sustainable, low-carbon design and resource efficiency.
Kristy Lansdown, managing director of development at The Crown Estate, said: “Cambridge plays a critical role in the UK’s innovation economy as one of the world’s leading innovation hubs, with Cambridge Business Park at its heart. Our masterplan proposal sets out a bold, long-term plan to support the city’s growth, while delivering market leading environmental and landscape proposals, as well as lasting and inclusive benefits for communities and the wider economy.
“Alongside the long-term transformation that the masterplan proposes, it’s crucial that we start to contribute today to the future of Cambridge. This is why we are committing £1.5 million to Greater Cambridge Impact, supporting impact investment for initiatives that benefit those in the city that need it the most.”
Matthew Sampson, regeneration director at The Crown Estate, added: “This is an important step forward for Cambridge Business Park and the wider North East Cambridge area. Over the past two years, we’ve worked closely with the community to understand their needs, helping them shape proposals that not only support world-leading science and innovation, but also create a place that works for local people and delivers long-term benefits for Cambridge.”
The Crown Estate is also set to invest £1.5 million into Greater Cambridge Impact, an investment vehicle to tackle “social and economic challenges”. These include skills for young people, children in care, and homelessness.
Sara Allen, executive director at Greater Cambridge Impact, said: “The Crown Estate’s investment is a powerful endorsement of what Greater Cambridge Impact was set up to do: help ensure Cambridge’s growth benefits everyone who calls it home. This investment will help us deploy capital directly into organisations doing extraordinary work every day to tackle inequality across our region.
“We’re really proud to partner with The Crown Estate on this shared ambition, and to show what can be achieved when organisations work together to unlock a better future.”
