U+I to turn on the tap in north Cambridge
U+I has been appointed as masterplanner and promoter to develop a 120-acre site in north Cambridge into a residential focused mixed-use urban quarter.
U+I was selected by landowners Anglia Water and Cambridge City cCuncil to plan and develop the existing site, a water recycling centre, into at least 5,200 homes and one million sq ft of commercial space.
The developer’s initial expectation is that the £3.5bn project will deliver £20-£30m in gains over its lifespan.
U+I has been appointed as masterplanner and promoter to develop a 120-acre site in north Cambridge into a residential focused mixed-use urban quarter.
U+I was selected by landowners Anglia Water and Cambridge City cCuncil to plan and develop the existing site, a water recycling centre, into at least 5,200 homes and one million sq ft of commercial space.
The developer’s initial expectation is that the £3.5bn project will deliver £20-£30m in gains over its lifespan.
The £3.5bn value equates to the total value of the completed development including employment, infrastructure, educational, cultural, landscaping, and residential uses, once fully built out by the plot developers.
Regeneration is expected to take 10-15 years to complete. The first profits from sales of land are expected to be realised after an initial 3-4 year planning and enabling development phase.
U+I will first need to prepare a business plan to secure plan to secure £193m of funding from the Housing Infrastructure Fund to relocate the current water recycling centre and remediate the site.
The project was shortlisted for funding by Homes England earlier in 2018.
Matthew Weiner, chief executive of U+I, said: “We see enormous potential in the site, and our passion for placemaking will help us to transform this quarter of Cambridge into a vibrant place, providing much-needed housing to this currently undersupplied market.”
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