The Grafton Centre, Cambridge, is up for sale, presenting a major redevelopment opportunity in the centre of the historic city.
The mall presents a unique redevelopment opportunity for its 12-acre site, with the flexibility to redevelop part of or the whole site, with a number of possibilities already agreed including office space, both traditional and co-working, a hotel, education spaces and alternative leisure uses.
The site could also be repurposed into a life sciences space, with the potential to provide more than 80,000 sq. ft of lab space and related space to the city.
A Savills report found that the city raised £1.21 billion of life science-related capital in 2020, as well as considerable demand for occupiers and lab space across the city, however, the sector is constrained by the lack available space, and at p[resent there are no commercial labs in the city centre
Head of repurposing and retail investment at Savills Mark Garmon-Jones said “The Grafton presents a truly extraordinary one-off opportunity to redevelop 12 acres in Cambridge to a standout, revitalised mixed-use destination. Cambridge is a globally-recognised location across a number of sectors and the potential for life sciences uses at this scheme is particularly exciting.”
It has been brought to market by real estate advisor Savills, on behalf of L&G.
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