Mission Street and BGO get go-ahead for 23-acre central Cambridge science district
CAMBRIDGE, UK (September 20, 2024) – In a significant step forward for the UK’s aspirations to be a ‘science superpower’, specialist investor, developer and operator for the science and innovation sector Mission Street and BGO, a leading global real estate investment manager, received planning consent to deliver a world-class 23-acre urban science district in central Cambridge.
Approved by Cambridge City Council’s planning committee subject to Section 106 and Conditions, the district will be just 10 minutes’ cycle from the central railway station and will be developed on a site that has been unused for decades.
The district, which is one of the largest new urban science district developments in the UK, will facilitate a variety of research and development uses, catering to companies throughout their growth journey, from start-up to large multinational, within a single location. Innovative companies that have previously been forced to relocate or fragment their businesses will have the space to scale within the ecosystem, with the advantage of being part of a major science and technology cluster in a central location.
Totaling 1,000,000 sq ft of GIA across 7 buildings, the scheme’s design has been led by master planners Hawkins Brown in collaboration with other leading design practices. Anchored by a central square, the fully pedestrianised masterplan – open to the public – will create a destination for all ages, including units suitable for local businesses, fitness infrastructure, a threefold increase of play space for children, a diverse food and beverage offering and community events space.
Provision has also been made for an active programme of events such as Public Art including an Artist in Residence, and a STEM-based educational outreach partnership with the Cambridge Science Centre that is already being implementing in local schools.
“Since our first consultation with local stakeholders and the Cherry Hinton community, we’ve said that this is about breaking down the barriers prevalent with traditional science parks, creating an open and inviting innovation district, and putting the science on show. This project embodies the principle that it is entirely possible to blend R&D space for world-leading innovators with community amenities that everyone can enjoy,” said Artem Korolev, CEO, Mission Street. “We look forward to engaging further with planning officers, the community and other statutory consultees, as we deliver a globally significant science destination that current and future generations will be proud of.”
According to market data tracked by Mission Street, there is demand for over six hundred thousand square feet of lab space in Cambridge, with a highly constrained active pipeline that cannot adequately meet growing demand levels. Demand is particularly high for inner-city R&D space – a relatively new concept to the UK that is well-established in the US.
During construction, the project is expected to create over 800 jobs and £7 million of local expenditure, as well as apprenticeship and training programmes. Once complete, it will create nearly 4,000 high-skill jobs, with a mandated Cambridge Living Wage.
Mission Street and BGO’s partnership has a development pipeline of over 1.5 million square feet of lab and office space in key strategic locations including Cambridge, Oxford, and Bristol. Recent projects include Fabrica and Inventa, which total 180,000 square feet of flexible R&D space in central Oxford, and The Press, Foxton, providing c. 100,000 square feet of multi-tenanted laboratory and office floorplate in the Cambridge Southern Biomedical Cluster.
About Mission Street
Mission Street was established in 2017 as an investor, developer and operator specialising in the sciences and innovation sector.
The company is a proven innovator and market leader in the Innovation Real Estate sector, pioneering UK urban innovation and delivering successful and complex projects including both new build R&D buildings and creative conversions of industrial and retail buildings.
Mission Street’s management team has over 7m sq ft of development experience and has transacted on over 8m sq ft of real estate. The business is supported by an Advisory Board comprising industry leaders Peter Finan, Tim Funnell, Jonathan Hepple, and Nick Sturge.
The firm’s committed development pipeline includes over 1.5 million SF across Oxford, Cambridge, and Bristol. The firm's innovative, speculative projects are providing cutting-edge innovation spaces in these key markets.
For more information, visit www.mission-property.com
For more information on Mission Street’s proposed Cherry Hinton innovation district, visit www.cherryhintoninnovation.com
About BGO
BGO is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients with approximately $83 billion USD of assets under management (as of June 30, 2024) 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, the institutional alternatives and traditional 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
Media Contact
Josh Carson
Senior Consultant, Montfort Communications
carson@montfort.london
Artem Korolev,
CEO, Mission Street
artem@mission-property.com
