Mills & Reeve advises on Cambridge car park regeneration

Law firm Mill & Reeve’s Manchester real estate team is advising developer Marick Real Estate on the regeneration of a Cambridge car park into a premium aparthotel.Marick was selected by Cambridge City Council to redevelop Park Street multi-storey into a five-storey, 229-bedroom hotel with a gym, lounge and café. Below the hotel will be a basement car park with 225 public parking spaces while a public courtyard will provide a connection between Park Street and Bridge Street. The aparthotel will be operated by the Staycity Wilde brand. Gilbert Ash has been appointed as the construction partner.The Park Street development will focus on reducing carbon emissions through high performance construction materials and ecology best practices. The car park will initially provide 10 per cent of spaces with electric vehicle charging points, with infrastructure in place to expand this to 100 per cent.Demolition work will begin in January 2022, with the car park opening in August 2024 and the aparthotel in March 2025.Real estate partner, Caroline Hanratty, led the Mills & Reeve team which advised Marick on the funding agreement with Cambridge City Council, the lease agreement with Staycity and further ancillary agreements. The team also advised on the building contract with Gilbert Ash.