Grosvenor, the international property development, investment and Fund Management Group has agreed terms with leading Midland’s property specialists Stoford to fund the redevelopment of Cambridge Fire Station.
In 2005 Stoford was appointed by the Cambridgeshire and Peterborough Fire Authority to develop the high profile Parkside mixed-use scheme on Parkers Piece and in 2007 secured planning permission to build 131 apartments, a shop and a new fire station.
As part of the deal Grosvenor has submitted revised proposals, reducing the number of apartments to 99-some with three bedrooms- and improving the overall quality of the accommodation.
As before the scheme will provide 40 per cent of affordable units together with other significant community benefits.
Edward Skeates, Projects Director for Grosvenor Britain & Ireland said: “This is a first-class site and we are pleased to be involved with Stoford in bringing it forward and maintaining our commitment to the city of Cambridge.”
“If the modifications are approved then the project will be tendered in the first half of 2010 to secure a building contractor to commence at the beginning of 2011.”
Jon Andrews, Director of Stoford added: “We are delighted that this important scheme is now moving forward.”
Graham Stagg, Chief Fire Officer, Cambridgeshire Fire and Rescue Service said: “We are extremely pleased that positive steps are now being taken to develop a scheme that will bring so many benefits to the local community. The current fire station is no longer fit for purpose and costs us a significant amount of money in maintenance costs. This new development will deliver a state of the art community fire station that local groups and organisations can utilise too.”
In 2008 Grosvenor completed the retail-led Grand Arcade development in the heart of Cambridge and is currently developing the Trumpington Meadows residential scheme to the south of the city. Both projects are in partnership with Universities Superannuation Scheme.