Gone are the days when land availability is a matter of concern just for planners and developers in the business property sphere in and around Cambridge. Anxiety has been expressed below-the-line by some agents since the early years of this decade.
Will Mooney, Partner at leading consultant Carter Jonas, gives his take on issues in the commercial property world.
The year has been heralded as one in which investor confidence in property will return in earnest. Rural property peers have pointed to the ‘froth’ skimming off premium agricultural land values this year as property-minded investors return with more confidence to the more obvious residential and commercial sectors for the first time post-credit crunch.
The year started and ended with think tanks – the Centre for Cities’s annual ‘Cities Outlook’ in January and, in November, Demos producing PwC’s ‘Good Growth for Cities’ report - identifying the importance of Cambridge to the growth agenda.
Using an onion as a metaphor for explaining the commercial property scene in and around Cambridge is becoming a default position of mine when discussing the matter with those who are unfamiliar with the area.
HS2 - the rail infrastructure project which will provide direct, high capacity, high speed links between London, Birmingham, Leeds and Manchester. With the exception of London, these city destinations and the route of HS2 are nowhere near the eastern region.
There was no summer slouching on the development front in Cambridge. In fact, the locations of many of the buildings are contributing to creating new frontiers in the city’s expansion or, at least, new gateways.
Another month and another headline property deal struck in this region.The news that Tesco Pension Fund is backing developer Brookgate’s 65,000 sq ft Grade A building, which is at the heart of the next phase of the cb1 scheme in Cambridge, followed hot–on-the-heels of AstraZeneca’s announcement that the Cambridge Biomedical Campus will be the new location for its corporate HQ and new UK-based global R & D facility.