Turnstone Estates has entered into a promotion and option agreement with the Ely Diocesan Board of Finance (EDBF) to bring forward planning proposals for a £200m mixed employment scheme on a 43-acre site at Milton Park, Cambridge.
Turnstone will act as EDBF’s land promotion partner and seek planning permission for a first phase of circa 350,000 sq ft of employment floorspace.
A potential second phase could provide a further 296,000 sq ft of employment floorspace if the existing park and ride is eventually considered surplus to requirements following the proposed opening of a new facility at Waterbeach in 2031.
Tim Deacon, Director at Turnstone Estates, said: “Cambridge has a shortage of suitable space for a range of businesses that are important to the local economy, while some established occupiers are also facing pressure to relocate as existing employment sites are identified for housing. Milton Park offers an opportunity to address both challenges, providing modern, well-connected employment space while helping to release other sites for much needed homes.
“We believe this represents a sustainable approach to Cambridge’s continued growth and can help support the wider objectives of the local plan. With strong existing transport connections and limited requirement for major new infrastructure, the site also has the potential, subject to planning, to be delivered relatively quickly.”
The Diocese of Ely added: “The diocese owns a parcel of land in this area and has long been keen for it to be used for the benefit of the people of Cambridge. Many years ago, the county council took part of the site on lease and built the park and ride on it. More recently, the Police & Crime Commissioner asked to buy a further part of the site for the new police station, which is due to open shortly.
“And currently, an operator is building an electric vehicle charging station on another part of the site, which will be well-placed to charge EVs using the A10 and the park and ride. The agreement with Turnstone Estates is a natural follow-on from this activity and will, we hope, create high quality commercial space and jobs for the benefit of the people of Cambridge.”
Carter Jonas and Mills & Reeve acted for EDBF and Howes Percival acted for Turnstone Estates.
