New owner unveils plans to create lab space at The Grafton centre in Cambridge

The new owner of The Grafton centre in Cambridge has unveiled plans to transform the shopping mall to deliver much-need laboratory space in the city.

Trinity Investment Management will unveil detailed plans next month but says some retail and leisure will remain at the site.

Subjit Jassy, from Trinity Investment Management, which acquired the site in August this year, said: “We’re looking forward to working closely with Cambridge City Council and local stakeholders to bring forward our plans to revitalise this part of the city over the coming months.

“Structural changes and shifting market fundamentals within the retail sector mean The Grafton centre can no longer work in its current form. It needs to evolve if it is to continue to provide jobs and contribute to a thriving city centre.

“Looking ahead, we are committed to consulting with the local community before any planning application is submitted.”

The company’s proposals include reducing the number of shops and creating much-needed research space for life science start-ups. It says this reflects the growing number of empty units at the centre.

However, the company has said it will keep some retail and leisure on the site, including the cinema and gym.

It says it will repurposing as much of the existing structure as possible to limit disruption to neighbours and minimise the amount of carbon-intensive demolition and construction needed.

The company also plans to increase use of the ground floors by improving connectivity for cyclists and pedestrians and restoring some of the historic connections that were blocked when the centre was built.

Ian Sandison, the CEO of Cambridge BID, responded: “It is pleasing to finally have this sale complete and the city can now begin to work with the new owners to shape The Grafton to meet our future needs.

“Clearly the high street and how we use it is changing, there is a continued high demand for good quality office and start-up space and office workers bring vital footfall to an area that supports local shops, cafés, bars and restaurants.”

He went on to say: “We look forward to seeing what plans the owners bring forward and supporting them where we can. This week Cambridge was voted ‘best city in the UK’ by Conde Nast and vibrant retail, office, leisure and cultural sectors contribute to this.”

The 12-acre site in the heart of Cambridge, which was built as a retail experience in the 1980s, was previously owned by Legal & General, who put it up for sale in June. The site also includes car park space for 1,150 cars.

The 500,000sq ft retail core of the site reopened in early 2020 after a £28.5million refurbishment programme, but has continued to have a number of empty units.

Research by real estate advisor Savills, who marketed the site earlier this year, showed that Cambridge saw £1.21billion of life science related capital raised in 2020, along with a considerable demand from life sciences occupiers for lab space.

But, the city’s market is currently constrained due to a significant lack of available stock, with no commercially marketed labs currently in the city centre.

There were concerns for people’s jobs when the site was put up for sale, with calls for the city council and the public to be involved in shaping the future of the area.

Trinity Investment Management intends to carry out a public consultation in November, when more detail about the proposals will be released.