- What Mission Street and BentallGreenOak have bought a 23 acre site in Cambridge
- Why Plan to develop a life science and innovation district on the large plot
- What next Joint venture partners now have a lab and office development pipeline of 1m sq ft
Mission Street and BentallGreenOak (BGO) plan on delivering a new science and innovation campus on a recently acquired site in Cambridge, React News can reveal.
The joint venture partners have purchased a 23 acre site on Coldham’s Lane, a location that is around 10 minutes from the city centre.
Mission Street and BGO, after partnering up in early 2021 for a specialist life sciences development joint venture, now have five sites and a development pipeline of over 1m sq ft of in strategic UK locations.
“The site will provide the opportunity to deliver our vision for the next generation of commercial science real estate in the UK”
ARTEM KOROLEV, MISSION STREET
Coldham’s Lane, which was acquired from Anderson Group, is BGO and Mission Street’s largest acquisition so far.
At 23 acres, the site presents the scale to deliver an innovative masterplan offering “an open innovation campus with transformative landscaping, new cafe and play area with access and views across the adjacent lakes as well as a dedicated pedestrian and cycle route to the city centre”.
Artem Korolev, founder and CEO of Mission Street, said: “This new acquisition provides the potential to deliver the most centrally located science and innovation district in Cambridge. The site will provide the opportunity to deliver our vision for the next generation of commercial science real estate in the UK: integrating the scheme into Cambridge’s urban fabric, with collaboration and sustainability at its heart. We look forward to working with the stakeholders and local community as we work through our plans.”
The “Golden Triangle” of Oxford, Cambridge and London continues to be the prime destination for life science occupiers and investors alike. Recent research from Bidwells noted there was 2m sq ft of active occupier requirements, yet there are no available laboratories left to let in the life sciences cluster of Cambridge according to the agent.
“We continue to have conviction that the science and innovation sector in the UK will be a source of growth and opportunity for strategic, purpose-driven real estate investment”
TOBY PHELPS, BGO
BGO and Mission Street’s initial schemes in Oxford and Cambridge are due to come online in mid-2023.
Toby Phelps, managing partner at BentallGreenOak, added: “We continue to have conviction that the science and innovation sector in the UK will be a source of growth and opportunity for strategic, purpose-driven real estate investment. Cambridge is at the epicentre of this dynamic industry and the current severe shortage of specialist space highlights the opportunity we see in the sector.
“We are looking forward to working with our partner, Mission Street, and the broader Cambridge business and governmental community to bring this exciting project to fruition.”
