Peterhouse College and Abstract have exchanged contracts to acquire a 9.17 acres (3.71Ha) site adjacent to the Cambridge global base of ARM plc from the Wright’s Clock Land Charity.
Abstract propose to speculatively build around 300,000 sq ft of offices with car parking, subject to detailed discussion with local planners.
Bidwells represented Abstract and Peterhouse in the acquisition.
Abstract have been granted a long leasehold interest by Peterhouse who will retain the freehold ownership of the land at Fulbourn Road, Cambridge.
The sale price is undisclosed, however the site was marketed at a guide of £15m.
Dick Wise, Bidwells’ head of business space agency, said: “It is really exciting to be working with Abstract who have been one of the largest developers of speculative buildings around the UK in recent times with notable success.
“We are delighted that they have chosen Cambridge as the location for their next major scheme and look forward to working with them and Peterhouse College on what we are sure will be a very successful development.”
The site, currently comprising open farmland zoned for business use, is adjacent to Peterhouse Technology Park, also owned by Peterhouse, which is the location of the global headquarters of ARM plc.
The land lies south east of the city centre, around 2.5 miles from the railway station and gives easy access to the M11 and A14.
Abstract have retained Scott Brownrigg to design their proposals for the site which will provide a range of grade A office buildings capable of being occupied by a variety of users for multi or single occupation, but particularly focused on the technology, science and knowledge based sectors.
Cheffins represented the vendor. Abstract were advised by Pinsent Masons and Peterhouse by Mills and Reeve.
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