Chancellor backs Cambridge Science Park expansion

The Rt Hon Rachel Reeves MP, Chancellor of the Exchequer, has backed Trinity College’s masterplan for Cambridge Science Park, which is expected to triple the capacity for science and tech companies.

The Chancellor, through LinkedIn, described the £3 billion plans as: “Exactly the kind of long-term, high-value investment the Oxford-Cambridge Growth Corridor was made for”.

Expansion details

The Milton Road site currently has approximately 7,000 employees and generates approximately £1bn in gross value annually. The expansion is expected to create more than 20,000 highly skilled roles over the next 30 years.

The proposal sets out an increase of built space up to 8 million sq ft, up from 2.8m sq ft.

Alongside this the expansion would implement outdoor exhibitions, a museum, and improved travel links.

Trinity College has submitted the proposal for planning consent.

Chancellor’s commitments

The Chancellor went on to say that there was an increased commitment to the Growth Corridor, she said the government had now: “Doubled funding to £800 million, investing in road and rail links to connect people to jobs, backing a new Cancer Research Hospital in Cambridge to accelerate life-saving innovation, and working with the Environment Agency to remove obstacles to sustainable development.”

Comments

Ben Gummer, founding partner, GummerLeathes, said:  “It is a privilege to lead this transformational project.  The Science Park is a cornerstone of the Cambridge Phenomenon; Cambridge is a world-leading university and Trinity is a foundation of global standing; ultimately, though, this place will grow because we all understand the central importance of place. 

“The most enduring and innovative places, whether they be commercial or residential, are designed first around people, community and the quality of environment.  Only then should buildings follow. 

“This masterplan and this planning application for Cambridge Science Park is a powerful example of that principle in action. It does not attempt the impossible by predicting the future of science or technology. Instead, in conjunction with an accelerated focus on education and innovation, it will create the right (and timeless) conditions for talented people and ideas to come together, evolve and thrive across generations.” 

Jane Hutchins, director, external relations at the Science Park, said:  “Innovation at Cambridge Science Park has already changed how billions of people live their lives, from groundbreaking cancer drugs to bluetooth technology. Now our masterplan scales that success to deliver threefold economic growth and up to 20,000 new jobs. 

“This privately funded project provides certainty rare in modern development and has the potential to be a key component of the UK’s future economic growth. With approval, we cannot wait to see the industries of the future being created here in Cambridge.”