- What Planning refused for site in Cambridge recently bought by Blackstone’s BioMed
- Why Local council declined to approve plans for 600,000 sq ft development put forward by Abstract Securities
- What next Further local stakeholder engagement expected to find resolution
The local council has refused a planning application for a 600,000 sq ft life sciences development on a Cambridge site recently purchased by Blackstone’s BioMed Realty.
Greater Cambridge Shared Planning, a strategic partnership between Cambridge City and South Cambridgeshire District councils, yesterday declined to approve the plans for the proposed scheme at Cambridge International Technology Park.
The plans had been recommended for approval by the council’s planning officers.
Blackstone recently acquired the site from Mark Glatman’s Abstract Securities as part of a drive to invest £850m into the UK’s booming life sciences sector.
The proposed plans were lodged by associated company Abstract (Cambridge). At the time, it projected the completed development would have a value between £400m and £500m.
The planning decision does not impact Blackstone’s deal with Abstract, sources told React News.
BioMed will review next steps for the Cambridge site and is expected to work with local stakeholders to find a resolution, which could involve a revised planning application.
All parties declined to comment.
