Cambridge’s former council offices back on the market
Cambridgeshire County Council has placed a three-acre slice of its former Shire Hall headquarters site in Cambridge city centre back on the market.
The site has been offered for sale again, six months after CB1 developer Brookgate pulled out of a deal to take a 34-year lease on the site and convert the former HQ into a 255-bedroom hotel.
No price has been given. The council has previously reported that an outright sale could raise in the region of £10m-£15m. However, there is a strong preference to retain ownership and long-term income.
Cambridgeshire County Council has placed a three-acre slice of its former Shire Hall headquarters site in Cambridge city centre back on the market.
The site has been offered for sale again, six months after CB1 developer Brookgate pulled out of a deal to take a 34-year lease on the site and convert the former HQ into a 255-bedroom hotel.
No price has been given. The council has previously reported that an outright sale could raise in the region of £10m-£15m. However, there is a strong preference to retain ownership and long-term income.
Previously the site of two medieval castles, the current building was the county council’s administrative centre from its completion in 1933 until 2022, when the council relocated to Alconbury as part of its planned savings programme.
The property is being marketed by BNP Paribas Real Estate and comprises the original Shire Hall, the Octagon, the Old Police Station, Castle Lodge and public car parking.
Offers will be considered by councillors on the assets and procurement committee at their June 2024 meeting.
Councillors will review not only the financial bids made but whether the offer delivers environmental and social benefits.
Due to the historic importance of the site, all proposals will require full planning and listed building consents to ensure protection of the assets on site.
BNP Paribas Real Estate head of UK investment Simon Williams said: “The Shire Hall site lies within a sustainable mixed-use location, providing a rare opportunity to develop the site for a variety of alternative potential uses, including offices and laboratories, hotel, residential, student and senior living, subject to the necessary consents.
“Cambridge benefits from one of the fastest growing economies in the country – we’ve seen it fast establish itself as a hub for global companies and start-ups, amongst others. Its proximity to talent, vast opportunities for rental growth and low availability of space makes it a highly sought after destination.
“As a result, we anticipate strong interest in this substantial investment and development opportunity.”
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Photo © BNP Paribas Real Estate
