- Leading contractor has been appointed to deliver the second phase of The Press, a new 100,000 sq. ft development in Cambridge
- The Press is delivering much-needed purpose-built laboratory space for Cambridge, where availability rates are near-zero
- The development is located within the Cambridge Southern Cluster, home to the UK’s highest density of biotech companies
- Targeting BREEAM Excellent, The Press boasts strong environmental credentials
- Fully fitted refurbished lab suites will be available on the site from early 2024 as part of the first phase of development
CAMBRIDGE, 4 DECEMBER 2023 - Mission Street, a specialist investor, developer and operator for the science and innovation sector, and BGO, a global real estate investment management firm, have appointed leading contractor 8build to deliver the second phase of The Press – a new pioneering 100,000 sq. ft life sciences development in Cambridge.
Backed by a proven track record of delivering purpose-built facilities for the science and technology sectors, 8build will work with Mission Street to deliver 64,000 sq. ft of much-needed lab space for a supply-starved market along with a large amount of green space and a publicly accessible cafe.
According to data tracked by Mission Street, there is 900,000 sq. ft of demand for lab space in Cambridge but only 10,000 square feet is currently available. A lack of purpose-built space is threatening to lock out promising start-ups and scale-ups from the local Cambridge market, where the UK’s £90 billion-a-year life sciences sector has a critical mass.
The new-build facilities being delivered by 8build as part of The Press’s second phase will create lab and office space either as a headquarters building or up to six smaller suites. This will follow on from the provision of fully fitted laboratory suites of 4,500 to 12,000 sq ft, which will be completed early in 2024.
Targeting BREEAM Excellent, the development will continue to transform the former industrial site, providing high quality buildings with strong sustainability credentials. Sustainable transport choices will be encouraged through the provision of high-quality end-of-trip cycling facilities, capitalising on the site’s location on the Melbourn Greenway. EV charging points, photovoltaic panels and highly efficient M&E systems using only electricity will reduce the site’s reliance on fossil fuels. Substantial additional tree-planting and landscaping will deliver biodiversity net gain across the site by a minimum of 20%.
Situated in the Cambridge Southern Cluster – a region that sits at the heart of the Government’s ‘science superpower’ ambitions - the site also benefits from direct rail links to Cambridge Central, Cambridge Biomedical Campus (from 2025) and London King’s Cross.
Today’s announcement comes as ministers double down on their commitment to transforming Britain into a global R&D powerhouse via reforms to pension allocations, the overhaul of planning laws and direct funding to help increase the number of companies that spin out from the UK’s world-leading research institutions.
Artem Korolev, Founder and CEO of Mission Street, said:
“8build has the technical know-how to help us bring forward the latest phase of The Press. The pioneering, three-phase development will cater to innovative companies at every stage of their R&D journey. Thanks to our board and our incredible project team, the building’s function has been informed by industry leaders of companies in the sector.”
“We look forward to reaching the next milestone at The Press, which promises to deliver the facilities that will enable Cambridge to continue on its journey to becoming a supercluster of R&D excellence.”
Paul Norman, Director at 8build said:
"The Press project signifies our commitment to pushing the boundaries of what is possible. We are excited about the opportunities it presents for innovation, collaboration, and ultimately, delivering exceptional results for our clients, Mission Street and BGO.
About Mission Street
Mission Street was established in 2017 and is a specialist mixed-use investor, developer, and operator of real estate for the sciences and innovation sector.
Since inception, the company has managed over 1.5 million sq ft of UK commercial property with major institutional investors and family offices, involving development and value add asset management
The company is a proven innovator and market leader in the Innovation Real Estate sector, delivering successful and complex projects including both new build R&D buildings and creative conversions of industrial and retail buildings.
For more information, visit www.mission-property.com
BGO is a leading, global real estate investment management advisor, real estate lender, and a globally recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients with approximately $81 billion USD of assets under management (as of September 30, 2023) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BGO has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BGO is a part of SLC Management, which is the alternatives asset management business of Sun Life.
The assets under management shown above includes real estate equity and mortgage investments managed by the BGO group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bgo.com
Account Director, Montfort Real Estate
CEO, Mission Street
Global Head of Communications, BGO