Shearer Property Group and Universities Superannuation Scheme (USS) have been given the go-ahead by the DETR for their 39,500 sq m (425,000 sq ft) Grand Arcade scheme in Cambridge. The new development will include a 22,000 sq m (240,000 sq ft) Robert Sayles department store (part of the John Lewis group), shops, restaurants and other leisure facilities.
The Government Office for the East of England’s announcement that the scheme will not be called in means that there will be no public inquiry. Cambridge council approved the scheme in April.
As part of the consent agreement, Shearer and USS have bought a 10.5ha (26 acres) site at Trumpington on the outskirts of the city for a Park and Ride facility of up to 1,000 cars. The Trumpington site will also provide a 6,000 sq m (65,000 sq ft) service building for John Lewis which will also provide customer collection facilities adjacent to the Park and Ride site.
Grand Arcade will adjoin the Lion Yard Shopping Centre (which is currently being refurbished) and link Petty Cury to the new John Lewis department store. The development also involves the reconstruction of the existing Lion Yard car park as a 950-place multi-storey car park.
LaSalle Investment Management is advising Universities Superannuation Scheme. Lambert Smith Hampton acted for Shearer throughout and is retained as joint letting agent with Jones Lang LaSalle.
EGi News 14/07/00
