Abstract propose to speculatively build around 300,000 sq ft of offices with car parking, subject to detailed discussion with local planners.

Cheffins represented the Wright’s Clock Land Charity in the deal. 

Philip Woolner, Joint Managing Partner, Cheffins, comments:

“We were pleased to act on behalf of Wright’s Clock Land Charity in the sale of the land at Fulbourn. This was a significant acquisition by Abstract and it is illustrative of the company’s confidence in the Cambridge office market which continues to show growth in value across all levels of the sector. The money raised from the sale will be used for local causes in the spirit of the original foundation of the charity back in the 1500s.” 

Abstract have been granted a long leasehold interest by Peterhouse who will retain the freehold ownership of the land at Fulbourn Road, Cambridge.

The sale price is undisclosed, however the site was marketed at a guide of £15m. 

The site, currently comprising open farmland zoned for business use, is adjacent to Peterhouse Technology Park, also owned by Peterhouse, which is the location of the global headquarters of ARM plc.

The land lies south east of the city centre, around 2.5 miles from the railway station and gives easy access to the M11 and A14. 

Abstract have retained Scott Brownrigg to design their proposals for the site which will provide a range of grade A office buildings capable of being occupied by a variety of users for multi or single occupation, but particularly focused on the technology, science and knowledge based sectors. 

Bidwells represented Abstract and Peterhouse in the acquisition. Abstract were advised by Pinsent Masons and Peterhouse by Mills and Reeve. The Charity was represented by Tees Law.