Cheffins has been appointed joint agent on the new £500m technology par being built by Abstract (Cambridge) Limited.
Following Abstract’s purchase of a second adjoining site at Fulbourn Road for its Cambridge International Technology Park scheme, a planning application has now been submitted for over 500,000 sqft of offices and lab space for biotech and life science occupiers.
Michael Jones, Director, Cheffins says: “Abstract Securities purchased the initial site on Fulbourn Road last summer, from Cheffins’ client, The Wright’s Clock Land Charity. With the purchase of this additional adjoining land parcel, Abstract will now be able to create what will be the largest new commercial development to have come to the local market in decades. Abstract intends to build out high quality office and lab space of over 500,000 sqft which will go some way to providing the type of accommodation which is in high demand from scores of occupiers in the region. The purchase of both of these sites is indicative of the confidence in the Cambridge commercial property market and illustrates the level of demand from occupiers in the life sciences, biotech and knowledge-based industries, who continue to see Cambridge as a market-leading destination for these sectors.”
Abstract has applied for planning consent for the first building on the site and intends to complete this along with the infrastructure for the remainder of the scheme as a first phase by summer 2023.
Cheffins is retained letting agent alongside Bidwells.
For further information on Cambridge International Technology Park, contact Michael Jones on Michael.jones@cheffins.co.uk