Land deal paves way for major speculative Cambridge scheme

A commercial property company has exchanged contracts to acquire a 9.17-acre site in Cambridge, paving the way for a the development of a major speculative office scheme.Abstract (Cambridge) Ltd, a subsidiary of Abstract Securities, is set to buy the parcel at Fulbourn Road with Peterhouse, one of the oldest Cambridge colleges, from the Wright’s Clock Land Charity.Abstract have been granted a long leasehold interest by Peterhouse, which will retain the freehold ownership of the land.The developer is proposing 300,000 sq ft of offices and car parking for the site, subject to discussions with the city council.The land currently comprises open farmland zoned for business use and is adjacent to Peterhouse Technology Park, also owned by Peterhouse.Abstract have retained Scott Brownrigg to design its proposals.Bidwells represented Abstract and Peterhouse. Cheffins represented the vendor. Abstract were advised by Pinsent Masons and Peterhouse by Mills & Reeve.