Huawei, the Chinese technology giant, has appointed Knight Frank to sell a 513-acre site near Cambridge where it had intended to construct a £1 billion research centre.
Huawei purchased the site in 2018 for £37 million, later securing planning permission in 2020 for an optoelectronics research centre. However, the UK government dashed Huawei’s hopes for expansion after announcing a ban for alleged ‘high-risk vendors’ from 5G network rollouts. The ban was effective on 31st December 2020 with a stipulation for existing equipment to be removed by 2027.
The site, which is proximate to the Cambridge Biomedical Campus, is expected to sell for more than £65 million. Currently, the land has two industrial buildings which earn an income of £1.82 million based on reversionary rents of £5.38 per square foot. It is anticipated that further development may occur at the site.
Knight Frank has indicated the Cambridge Campus presents the opportunity to develop the largest data centre facility in the UK but also offers an “excellent opportunity for residential development, supported by a significant shortage of housing in Cambridgeshire”.
A 20-acre part of the site has immediate potential for development, including a lapsed planning consent to construct a 540,000-square-foot lab building. An additional 140 acres could be developed subject to gaining planning consent. Of the whole 513-acre site, 304 acres is also leased on a farm business tenancy which expires in September 2027, depending on a rolling break option.
Image: Huawei
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