06/17/2021 | Press release | Distributed by Public on 06/17/2021 03:19
The Grafton presents an unrivalled opportunity to redevelop all or part of the scheme, with a number of initiatives already progressing or agreed including the introduction of office space, co-working, hotel, education and alternative leisure uses.
In particular, the site presents a unique opportunity for repurposing into life sciences and laboratory accommodation, with the potential to provide in excess of 80,000 sq ft of much-needed lab space in the city.
Savills research has shown that Cambridge saw £1.21 billion of life science related capital raised in 2020, along with a considerable demand from life sciences occupiers for lab space. However, the city's market is currently constrained due to a significant lack of available stock, and, as it stands, there are no commercially marketed labs currently within the city centre.
Mark Garmon-Jones, head of repurposing and retail investment at Savills, comments: 'The Grafton presents a truly extraordinary one-off opportunity to redevelop 12 acres in Cambridge to a standout, revitalised mixed-use destination. Cambridge is a globally-recognised location across a number of sectors and the potential for life sciences uses at this scheme is particularly exciting.'