27 April 2012
Brookgate completes deal with Downing on CB1 sites
Sale will see delivery of 586 student units & releases funding for the station redevelopment.
Cambridge, April 2011 – Brookgate the Cambridge-based mixed-use development company has agreed the sale of three plots in the CB1 development to Downing. The deal will see the student accommodation elements of CB1 completed along with funding released for the redevelopment of Cambridge Station.
The three building plots being sold, which will provide 586 student units, are located along the south-east section of the CB1 masterplan. They represent the second and final phase of the student accommodation within CB1, following the completion of 511 student units for Anglia Ruskin University which are due to open this summer.
Two of the buildings, known as M3 and M4, were granted reserved matters planning approval on 4 April 2012 and include 232 student units. The remaining building, known as H1, is located parallel to the railway and a detailed planning application is expected to be submitted shortly. All three buildings are being designed by architects TP Bennett.
Once complete, the new student accommodation will be available for both Anglia Ruskin University and Cambridge University students.
As a result of the agreement, the remaining half of the £4.25m funding will be released to Greater Anglia for the redevelopment of Cambridge Station. This will enable a much larger and better ticket hall to be developed as well as improving the public areas outside the station to make it easier for people changing from trains to buses, bikes or taxis.
Commenting on the deal, Sven Topel, Chief Executive of Brookgate, said: “This agreement will see another important part of the CB1 vision delivered. As well as providing the final element of student accommodation, the financing for the vital redevelopment of Cambridge Station will also now be released. Visitors to the area can see the progress we have already made with the ARU accommodation and the Microsoft Research building and this latest transaction brings the completion of CB1 a step closer.”
A specialist in the student accommodation sector, Downing has established a track record of highly successful developments in major UK student centres over the past two decades. The North West-based property group has developed and managed more than 6,000 student beds and is currently progressing new schemes in central London, Leeds and Newcastle.
Paul Houghton, Director from Downing, commented: “We are delighted to have acquired these high profile sites in the world’s premier University city. There is a very healthy market for purpose-built, modern student accommodation in Cambridge and we’re looking forward to bringing the Downing brand to the next phase of CB1.”
Work on the buildings is expected to begin in the autumn and completed in summer 2014.