Cambridge Biomedical Campus (CBC) is set to become a world-leading life science hub after the assets and procurement committee at Cambridgeshire County Council agreed a partnership with Prologis.
In alignment with the UK’s Modern Industrial Strategy, the campus’s growth will be bolstered by 67 acres of county council land. Prologis have been secured as development partner for CBC’s next two stages of expansion.
The next two decades will see up to £3 billion of private investment at CBC; the aim being to double the campus in size with a further 2.4 million sq ft. The expansion will include co-working laboratories, keyworker serviced apartments, learning spaces, offices for life science support firms and a training centre.
Cllr Karen Young, chair of the assets and procurement committee at Cambridgeshire County Council, said: “The Cambridge Biomedical Campus is Europe’s largest centre for medical research and health science, and this decision represents an important step in supporting its long-term growth.
“This is a once-in-a-generation opportunity for Cambridgeshire and the UK more widely. It will deliver fantastic facilities, thousands of jobs, accelerate scientific innovation, and will be a huge boost to Cambridgeshire’s economy.
“We had 20 acres of land allocated in the 2018 South Cambridgeshire District Council Local Plan, and we’re now asking Prologis to continue to promote a further 47 acres of land. This will give the council a future commercial return, subject to planning permission,” she said.
CBC is currently home to Astrazeneca’s global headquarters, the Wellcome Trust, Cambridge University Hospitals NHS Foundation and Cancer Research UK.
Paul Weston, regional head of Prologis UK, said: “Our partnership reflects a shared commitment to the long-term success of Cambridge Biomedical Campus. Phases 3 and 4 are about taking a thoughtful, place-led approach to future growth, working with Cambridgeshire County Council and the Campus’s world-leading institutions.
“We are proud of our long-standing role at the Campus and look forward to progressing these proposals, to support Cambridge’s global position in life science innovation.”
The County Council have agreed to grant an option to Prologis UK Ltd to acquire the council’s land interests on a long leasehold basis. The option is conditional on Prologis securing planning consent for the campus’s expansion.
Image: Prologis
© Eastern Echo (powered by ukpropertyforums.com).
This article and its contents are the intellectual property of UK Property Forums and may not be reproduced, distributed, or used in any form without prior written permission. The views expressed are those of the author(s) and do not constitute legal or professional advice.
