Regeneration developer and investor U+I has been appointed by Anglian Water and Cambridge City Council as master planner and promoter to develop a residential-led mixed-use urban quarter at the existing water recycling centre in north Cambridge.
U+I will work with its development partner Towndev (Town) and a design team led by Urbed to prepare a masterplan and design code, secure planning permission, deliver enabling infrastructure and sell development-ready land parcels to third parties in Cambridge.
The 120-acre site is part of the Cambridge Northern Fringe East (CNFE), which includes a golf driving range owned by the City Council.
The site will be redeveloped into 5,200 homes and one million ft² of office space, which will include a mix of retail, community and leisure space, providing a new neighbourhood to north Cambridge that will further strengthen the city’s economy and quality of life.
The regeneration is expected to be completed in 10 to 15 years. The first profits from sales of land are expected to be realised after a 3-4 year planning and enabling development phase.
U+I expects the £3.5bn project to deliver £20m to £30m of development and trading gains over its life span.
Under the first phase, a business plan will be prepared to secure £193m of funding from the Housing Infrastructure Fund to relocate the current water recycling centre and remediate the site, without which the project cannot proceed.
Homes England had shortlisted the project for funding earlier in 2018.
U+I CEO Matthew Weiner said: “We are hugely excited to have the opportunity to work with Anglian Water and Cambridge City Council on this prestigious site, which deepens our pipeline of PPP projects in the London City Region where we are focused, alongside Manchester and Dublin.”
U+I focuses on complex, mixed-use, community-focused regeneration projects in the London, Manchester and Dublin city regions.
Town is a development company that is involved in strategic land promotion and residential development.
Image: A residential building. Photo: courtesy of Raul Petri on Unsplash