More news, no ads
SINCE 1819
SINCE 1819
Home News Article
Plans to reduce the number of shops at the Grafton centre in Cambridge to deliver laboratory space will go out to public consultation on Monday (November 21).
The owner, Trinity Investment Management, says changes in retail mean that many of the centre’s shops are empty.
They are proposing to convert part of the building into science and technology space for researchers.
Meanwhile, a smaller shopping area around a public square will be retained, with the gym and cinema remaining at the centre. The East Road entrance will also be improved with new restaurants.
Subjit Jassy, from Trinity Investment Management, said: “I am excited to bring forward these proposals to regenerate the Grafton centre. The centre has been at the heart of the local community for years, but the changes in retail from online shopping mean that many of the stores are empty.
“To keep the centre active and supporting other local businesses, we would like to convert part of the building into the scientific lab space that Cambridge needs, while keeping some shops, the cinema, and the gym.
“We’re inviting the public to comment on our proposals so we can consider these views before we finalise our planning application.”
The proposals include:
The 12-acre site in the heart of Cambridge, which was built as a retail experience in the 1980s, was previously owned by Legal & General, who put it up for sale in June. The site also includes car park space for 1,150 cars.
The 500,000sq ft retail core of the site reopened in early 2020 after a £28.5million refurbishment programme, but has continued to have a number of empty units.
Research by real estate advisor Savills, who marketed the site earlier this year, showed that Cambridge saw £1.21billion of life science related capital raised in 2020, along with a considerable demand from life sciences occupiers for lab space.
But, the city’s market is currently constrained due to a significant lack of available stock, with no commercially marketed labs currently in the city centre
In another sign of the changing city centre retail landscape, Brydell Partners announced earlier this week that a building in Fitzroy Street could be transformed into the city’s first ‘urban lab’ after they purchased the site.
The building is currently home to Waitrose, Greggs bakery, two smaller units including a newsagents, and the vacant former Argos premises.
The public are being asked to comment on the Grafton centre proposals on the consultation website, which will launch from Monday at www.graftoncentreconsultation.co.uk.