Railpen, manager of a £34 billion UK railways pension scheme, received consent for their Beehive project by Steve Reed, secretary of state for housing, communities and local government.

Mr Reed’s predecessor called in the application for ministerial consideration earlier this year. The current retail park will become an innovation park including laboratories for research, workspaces for technology businesses, a science centre, approximately 20 new retail premises, and a community park.

Significant public transport infrastructure upgrades will allegedly remove 10,000 cars from local roads.

The site currently provides 855 full-time equivalent (FTE) roles. However, this will rise to 6,500 FTE roles once the development is complete.

The project is expected to contribute an additional £600 million in Gross Value Added (GVA) to annual economic output. The fiscal benefits to the Treasury will include an increase of £8.5 million in business rates revenue, taking the site’s total business rates to £11.4 million.

Indeed, Railpen estimate annual tax revenues for the Beehive to be between £180 million and £240 million upon completion.

Andy Bord, chief executive of Railpen, said: “We welcome the Secretary of State’s decision, which recognises the merit and appropriateness of our Beehive proposals, which will create a world-class innovation park.  This result is an important milestone for the Oxford-Cambridge Growth Corridor and reflects continued international confidence in the UK’s business environment.  

“We remain dedicated to advancing this vision through the development of our Innovation Cluster in Cambridge and, with this decision, we look forward to continued constructive engagement with our partners in the city, including the council and community organisations.”

The Beehive forms part of Railpen’s ‘Innovation Cluster’ in Cambridge; a portfolio of 11 assets compiling 1.9 million sq ft of space. Other assets belonging to the cluster include 230 Newmarket Road, Mill Yard and Botanic Place.

Image: Railpen

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