Business
Foxton, Cambridge development ‘responds to persistent shortfall in fit-for-purpose lab and office space’
New 100,000 sq ft Foxton science and innovation campus
Mission Street, a specialist investor, developer and operator for the science and innovation sector, together with global investment manager BGO, topped out phase two of the duo’s latest science and technology campus, The Press, in Foxton, Cambridgeshire.
Set to deliver over 100,000 sq ft of fitted lab and office space through repositioning of Cambridge’s former printing press, the new science and innovation campus introduces lab and office space in a R&D ecosystem which developers say is “mired by undersupply”.
Held on 9 July, the topping out ceremony was attended by local stakeholders, partners, and advisers to celebrate the completion of the building’s structure.
Image of what The Press will look like when complete: it set to deliver over 100,000 sq ft of fitted lab and office space through repositioning of Cambridge’s former printing press.
Mission Street founder and CEO Artem Korolev and architect Richard Warwick undertook a ceremonial filling of the last structural concrete in the building.
Completion is expected early next year, with fitted labs and collaborative workspaces already available to potential occupiers.
The Press is being delivered in three phases. Phase one (recently completed) saw the refurbishment of the former Burlington Press, providing 16,000 sq ft of fitted lab suites across two units, while phase two will deliver a further 65,000 sq ft of larger scale R&D space via a newly constructed two-storey building.
Artem Korolev said: “This is a significant development for the Cambridge Southern Cluster, home to the UK’s highest concentration of biotech companies.
“The Press responds to a persistent shortfall in fit-for-purpose lab and office space that has meant that many outstanding innovators have had to settle for second-best alternatives and suffered as a result.”
Originally constructed as a printing works in 1909 alongside a series of workers’ cottages, the Burlington Press was first intended as a means of bringing non-agricultural employment into the rural communities outside of Cambridge.
After the printing industry declined, the building was repurposed and extended with low quality industrial units in the 70s and 80s.
Now, through the creation of new employment space, amenities open to both employees and the public at large, newly landscaped gardens, and an improved environment for Foxton’s war memorial, Mission Street’s refurbishment intends to re-introduce the site to the heart of its local community.
Held on 9 July, the topping out ceremony at Foxton was attended by local stakeholders, partners, and advisers to celebrate the completion of the building’s structure.
Colin Brown, development director at Mission Street, said: “It was an absolute joy to work with the best of the existing buildings at the Burlington Press, and with phase two we had the opportunity to replace the lower quality buildings on site with industry-leading, purpose-built lab space, public space and additional amenity for the village of Foxton.”
Designed by Cambridge-based architects Owers Warwick Architects, phase one of The Press retains the historic features of the Burlington Press, including its high-volume space and saw-tooth roof that have been repurposed into “spectacular” lab and office spaces.
The new scheme is targeting BREEAM Excellent and will deliver over 10% Biodiversity Net Gain through a comprehensive landscape strategy which will open the site up to local people.
As part of the Cambridge Southern Cluster, The Press enjoys access to a wider network of 627 life science companies and seven business networks and organisations.
About Mission Street
Mission Street was established in 2017 as an investor, developer and operator specialising in the sciences and innovation sector.
Senior leadership has unrivalled experience and expertise in delivering Science and Innovation buildings and is supported by an advisory board comprising industry leaders Peter Finan, Tim Funnell, Jonathan Hepple, and Nick Sturge.
The company is at various stages of developing a 1.5m sq ft pipeline in Oxford, Cambridge, and Bristol. This includes the next available space to be delivered in the Oxford and Cambridge markets.
The company is a proven innovator and market leader in the Innovation Real Estate sector, delivering successful and complex projects including both new-build R&D buildings and creative conversions of industrial and retail buildings.
For more information, visit www.mission-property.com
About BGO
BGO is a leading, global real estate investment management advisor, real estate lender, and a globally recognized provider of real estate services.
BGO serves the interests of more than 750 institutional clients with approximately $83 billion USD of assets under management (as of December 31, 2023) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe.
BGO has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets.
BGO is a part of SLC Management, which is the alternatives asset management business of Sun Life.
The assets under management shown above includes real estate equity and mortgage investments managed by the BGO group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, visit www.bgo.com
