Construction is set to begin in 2026. Credit: Kittyfly via Shutterstock.

The Crown Estate has announced a £1.5bn ($1.94bn) regeneration project for Cambridge Business Park, aimed at bolstering the UK’s science, innovation, and technology sectors.

The mixed-use development will offer office and lab spaces for both startups and established businesses, complemented by residential, leisure, and cultural facilities for the wider community.

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The project is a strategic move to keep the UK at the forefront of global innovation, aligning with the new Labour government’s focus. It follows The Crown Estate’s recent collaborations to promote renewable energy and innovation spaces in fellow English city Oxford.

As a national landowner, The Crown Estate is committed to fostering economic, social, and environmental value, with plans to invest up to £1.5bn in science, technology, and innovation nationally over the next 15 years.

The redevelopment will create an inclusive Innovation District in Northeast Cambridge, nurturing skills and attracting investment. Cambridge, reportedly Europe’s largest technology cluster, is poised for growth with the new ecosystem expected to contribute to regional and national development.

Public consultation on the initial proposals for Cambridge Business Park’s transformation will commence later this month.

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The redevelopment is still in the early design phase, with public input being sought to shape the master plan. The site currently spans 20 acres with 325,000ft² of office space.

Subject to planning approval, construction is expected to start in 2026, with a phased approach leading to an operational delivery by 2030.

The Crown Estate CEO Dan Labbad said: “The Crown Estate is investing where it can have the most meaningful impact in addressing areas of national need, meeting local challenges and realising opportunities.

“Our vision for Cambridge Business Park is to create an inclusive and connected place that is industry-leading in terms of sustainable and innovative workspace.”