Plans for the South Cambridge Science Centre have received consent from the local council.
Abstract (Mid Tech), which is backed by Mark Glatman’s Abstract Securities, will deliver the first phase of this project, totalling 140,000 sq ft and aimed at life sciences and biotechnology occupiers.
The building, to be designed by Michael Laird Architects, is expected to be ready in early 2025. Bowmer & Kirkland have been appointed as contractors, with a start on site scheduled in early June.
The second phase of development on the site will see the construction of a further building of 40,000 sq ft, with planning expected to be submitted in coming weeks.
Abstract is currently in early discussions about forward funding this project.
The scheme sits on a brownfield site in Sawston, close to Babraham Research Campus, Granta Park and Unity Campus.
The development land is owned by Peterhouse, which has granted a 175-year ground lease, with a ground rent agreement coming in force after buildings are completed and let.
Glatman said: “We saw an opportunity to acquire and reposition around five acres of land, to create much needed new science and technology lab space at a sensible and affordable rental.
“Potential end users in the market are currently faced with rents in the high £60’s per sq. ft. but we have deliberately positioned the project to offer the best quality flexible laboratory space, aiming for rents under £50 per sq ft. We feel that companies that are focused on growth will be looking for more affordable accommodation and we have been able to assemble a scheme to achieve this pricing point.’’
Bidwells represented Peterhouse. Abstract were advised by DTRE. Bidwells, DTRE and JLL are retained letting agents for the South Cambridge Science Centre.
See more planning information for Cambridge>>
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