Recently in Cambridge Category

edited sports village urbanaspect_Page_2.jpgHe shoots, he scores. At least that's what developer/investors Wrenbridge are hoping for, after it announced that it is poised to bring forward plans for its Cambridge sporting village.

Never one to just sit back and do nothing, the Cambridge-based developer is lining up the goals posts and is in the final weeks of deciding if it will just push ahead with the £15m joint venture with Grosvenor and submit a planning application for its sporting village this year, rather than wait until next as it had planned

The project would build a new stadium which will house Cambridge United FC as well as 600 houses - which will give them the money bit. Wrenbridge bought CUFC's existing site the Abbey Stadium with Grosvenor back in 2010 and has been piecing together plans for a new stadium ever since.

At the back of its mind might be the Cambridge's local plan which goes to consultation next month. Waiting could mean ugly scenes over rolling back the green belt - which covers all of Wrenbridge's site. The rolling back of the green belt is hugely controversial, but necessary step, if the city is to meet its growth targets. Consultation is likely to be a slow process. 

Chris White, director at Wrenbridge, said to EG last week: "If we go down the immediate application route then there could be play in the stadium in 2016/2017. If we go down the local plan route then it will be two years later and we'd twin track the application with the local plan."

Even without the possible controversy of piggy backing the local plan the stadium has not been without its opponents. Wrenbridge says there is a "crying need for a new stadium". But  transportation to the ground and car parking are still worrying residents. 

Wrenbridge, for its money, says the guided bus goes straight to the stadium's door and other car parks, such as the ones at Addenbrookes Hospital could be drafted in to cover weekend matches. Says White: "If they drew Manchester United then we could look at using Duxford's car park."

Lettings are rolling in with Anglian Ruskin University having signed a memorandum of understanding to relocate its sports facility to the grounds and Core Cambridge, a sports conditioning facility for elite atheletes and those with injuries, will also be embedding into stadium.

But whether Wrenbridge will bring in another club to the stadium is still up in the air. It has - and is - in talks with Cambridge City FC to bring the club to the stadium but CCFC made news late last week when it announced it had bought a 35 acre site at Sawston, 10 of which is for a new stadium. Many in the industry think this may be cage rattling to squeeze Wrenbridge at the negotiating table. 

The developer has also been in talks with Cambridge County Cricket Club about a presence at the stadium. White said: "We don't need all three clubs, two would help but all three clubs? the pitch couldn't take it and there isn't enough scheduling time to fit all the games in."

A sumptous spread, a glittering venue and a stalker. That's what guests at the RICS East of England awards were treated to last night. 

Under the twinkling 'night sky' at Chilford Hall in Linton, Savills continued its running streak securing EG's property adviser of the year in the region. Wrenbridge were crowned EG East of England prpoerty company of the year.

Savill's Rob Sadler took quite a shine to compere BBC Look East's Janine Machin. Obviously incredibly proud of his EG gong Rob ran ran up to her not once, but twice, to ask for a photo of the two of them with his award. Quite what Janine thought of our Sadler The Savills Stalker, we don't know but she acted with good grace and smiled through it all. The mask slipped just once during the photo session - you tell me what Janine is thinking in the picture below.

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Is time running out for the global pharmaceutical industry? 

Patents for some of the biggest drugs in the world are about to expire. The revenues generated by these products are in the billions and these income streams are about to collapse. A string of bad results from those companies has not helped matters.

Cambridge with its heavy reliance on the R&D sector could be in the firing line. Will Mooney at Carter Jonas spoke to EG at our annual Cambridge reception last month and explained that without these some of the world's biggest drug companies can't afford to fund the next round of research. We're talking big names here: GlaxoSmithKline, Eli Lilly, Novartis and Pfizer all of whom are practically pharmaceutical industry royalty.

They'll be getting down to a lean, mean size but could this be a good thing for Cambridge?

Will Siliconfen be hit as firms make redundancies, or could an necessity to foster associations with smaller firms and academic centres boost Cambridge? Pfizer's own crisis certainly helped the market. The pharma giant might have shut down its Sandwich, Kent facility but promptly went and set up in Cambridge. 

Listen to Will Mooney by clicking below to hear what he thinks the outlook for Cambridge's property market is.

You can read an in-depth analysis looking at the outlook for Cambridge's science parks in this Saturday's EG magazine.



Drug money by images of money on Flickr. 

Listen: Brookgate's Topel talks building in Cambridge

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sven and patrick.JPGWho actually gets to build at the moment? For most it's just a dream but Sven Topel - ex Hammerson, former Ashwell and now chief executive of Brookgate - is actually doing it.

Microsoft signed the largest deal in Cambridge last year - and maybe in the whole regional market - when it agreed to take 21 Station Road and the building is going up at a rate of knots. 

Give it 18 months or so and Sven (top right) along with his agent Patrick McMahon, senior partner at Bidwells (top left), says there may be a few other names to join them. 

Understated and unwilling to brag about it Sven is keen for Brookgate to be a departure from the past. 

Click below to hear what he has to say about signing one of the biggest prelets in the regional market last year,  developing in Cambridge and funding it all. 


Earlier this week we got the first glimpse inside Botanic House, Cambridge's tallest building. 

Mills and Reeve signed one of the largest prelets in Cambridge last year when it took all 52,000 sq ft of Pace Investments development, the first phase on the Hills Road site.

Here Mills and Reeve partner Jamie Wheatley, talks about why they chose the building, what it's like negotiating a deal in Cambridge at the moment and why they didn't go to Brookgate's CB1.

Below you can listen to Bidwell's head of business space Dick Wise, who acted for Pace on the deal. He'll be talking about negotiations from his side of the table and what occupiers with lease events should now do faced with Cambridge's dwindling stock. 

Just yesterday Bidwells announced unprecedented figures for the city's office market, here Dick looks ahead to the end of this year and explains how the competition for space might  end up being bad for take-up figures in 2012. 

Cambridge registers unprecedented office take-up

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happy sad.jpgCambridge's office take-up is at a new high says  Bidwells latest figures today (£). 

That's quite a statement and will have most agents around the country weeping into their coffee cups. 

But, and it's a big but, it is far from the whole story. On the one hand Bidwells are right to say it is an unprecedented amount of take-up, one that hasn't been seen in the city for years. But on the other hand the remarks are stretching the reality very thin. Cambridge's office market is really quite comfortable but it is far from stellar.

Just over 475, 000 sq ft of office space was signed for in 2011 up from 360,000 sq ft in 2010. Of that just four deals account for nearly 40% of the total. Packaged up in that are Microsoft's and Mills & Reeve's massive prelets, something few think will be repeated anytime soon. Ask around and most agents say last year was exceptional rather than an example of where the market's heading.     

One Cambridge agent said that they could think of around 100,000 sq ft of space waiting to land. For sure there is probably that much demand washing around, but how many of that is active, going to do something imminently or actually going to take a prelet rather than use their negotiations to squeeze their landlords. Demand, say many agents is a lot thinner than the figures would have you believe.

Bidwells say prelets will lead demand this year and will boost rents. Few other agents in the city are quite that bullish.

Picture by SashaW on Flickr

First glimpse inside Botanic House, Cambridge

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There were big sighs of relief last year when law firm Mills and Reeve finally announced it was relocating to Botanic House in Cambridge. 

Since then most agents have been quietly chuffed that a building as big and as nice as Botanic House was going up on the Cambridge skyline and that phase one on the landmark site was underway. 

But, until now, nobody has set foot inside it. Today EG got the first glimpse of what Mills and Reeve's new home will look like when it moves in late this year. Sadly there will be no roof terrace -shame as the view from the top , over the colleges tops, even on a misty day like today were spectacular. Cambridge, being Cambridge, means that Botanic House is the tallest building around.  

The fourth floor - with its treetop view out over the botanic gardens - will probably go to KPMG (that's widely talked about in the market but everyone today was still being very careful about confirming this) and half of the ground floor will be sublet - with heavy hints that an estate agent may be interested. 

Pace investments are probably sighing the biggest sigh of relief. It's seen off competition from CB1 and took a considerable risk. Pace is also owners of Mills and Reeve's existing building which is virtually next door. It took a punt and started speculatively building Botanic House in the hope that the law firm would move. 

What Pace's chief exec Johnny Vincent now does with the rest of the site is anyone's guess.
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Were we drinking this by mistake last Friday? 

Agents at our East of England Focus reception in Cambridge seemed pretty happy. In fact it was more than just being well-rested after the Christmas break it seemed like there was some genuine confidence, something we've yet to see from other regional markets. It was as if someone had replaced the Cab Sav and Peroni with bottled optimism. 

Is it genuine? You decide below. After all, despite the Cambridge market escaping the worst of the ravages of the recession it, along with the Peterborough and Norwich markets are still dealing with depressed rents, low levels of Grade A stock and the massive overhang of secondary space. You can listen to why the agents think things are better and what they think this year will be like by clicking the player below:
 
Martin Blackwell, managing director at Blackwell Consulting kicks off with the Peterborough market

At 3m12s James Allen, senior partner at Roche Chartered Surveyors talks about the Norwich market

And at 7m17s Will Mooney, partner at Carter Jonas explains about the Cambridge market


Whether you were there or not don't forget to check out our pictures of the event.

Picture by Robert Banh on Flickr

EG East of England Focus synopsis

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East of England Focus
Published February 25

Retail
Analysis of the Cambridge, Norwich, Ipswich and Peterborough markets
Mark Simmons, freelance writer, 07787 561032, msimmons@sourceform.co.uk

Enterprise Zones
What will be the impact on property and development following the introduction of Enterprise Zones in the region?
Mark Smulian, freelance writer, 07976 267 172, mark.smulian@virgin.net

Cambridge offices
Forecasts and predictions for the market from agents, developers and occupiers
Nadia Elghamry, deputy Regional editor, 020 7911 1849, nadia.elghamry@estatesgazette.com

Science parks
What is the outlook for the region's science park market?
Helen Hamilton, freelance writer, 07758 833735 bluesomeh@gmail.com
Feature includes data and analysis of the science park market. Please send any up to date stats to Nadia Elghamry, deputy Regional editor, nadia.elghamry@estatesgazette.com

Market healthcheck
Analysis and up to date figures for Cambridgeshire, Norfolk, Suffolk's offices, retail and industrial markets.
Stacey Meadwell, Regional editor, 020 7911 1819, stacey.meadwell@estatesgazette.com


To get more details about the individual features and the specific topics covered please contact the writers direct by Monday January 30, 2012

Chocks away as Duxford launches development proposals

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compressed CH_001342.jpgIt is not often that developers get a chance to get their hands on a bona fide piece of war history. The Imperial War Museum Duxford is on the hunt for a brave soul (or souls) to take on two development opportunities on its Cambridgeshire estate.

The headaches of redeveloping in a Grade II listed building in a conservation area aside, it's a really unusual bit of kit. 

There are plans for a hotel on the public side of the site but developers are also being given the opportunity to sneak under the cordon onto the private part of the estate. The former historic officers mess will become home to just over 20, 000 sq ft of offices, and was home to Douglas Bader. The story goes that Bader fought back from the brink of death after crashing whilst attempting some aerobatics. Despite losing both legs he went on to fly missions over Dunkirk in 1940 and in The Battle of Britain. 

It's hoped that the developers will have a slightly easier flight through planning. South Cambridgeshire District Council is said to be supportive of the scheme although any plans for a building over three storeys will be shot down.

And, as it's not often that a story comes with a picture of spiffing men in uniform so we are using it to it's full advantage. 

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