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Approve entering into a
Development Agreement with Wrenbridge.
Approve the surrender of existing leases and grant of a new 150-year lease to Wrenbridge in respect of Plots 9, 10-11 & 12
Approve Wrenbridge, in conjunction with the Council,
to master plan the wider Mercers Row area to include Plots 6-8 and 13-16.
To delegate authority to the Interim Property Lead for the final approval of
the proposed development agreement and lease terms.
Decision type: Key
Reason Key: Aquisition or disposal of land or interest in land over £600,000;
Decision status: Recommendations Approved
Notice of proposed decision first published: 20/05/2024
Decision due: 1 Jul 2024 by Executive Councillor for Finance and Resources
Lead member: Executive Councillor for Finance and Resources
Department: Corporate Hub
Contact: Philip Taylor, Senior Property Surveyor Email: philip.taylor@cambridge.gov.uk.
Additional Information: This is a key item and will automatically appear on the agenda for discussion / debate.
Background Information: The Council owns the freehold of Mercers Row Industrial Estate. which comprises 22 industrial plots covering a total area of 5.19 ha. There is a combination of occupational and longer ground leases. Wrenbridge (FRELD Mercers Row) LLP (Wrenbridge) have recently acquired the long leasehold interests of Plots 9, 10-11 & 12, by way of assignment from DS Smith Plc who had operated a commercial recycling centre for a number of years. The plots are currently vacant. Wrenbridge wish to develop Plots 9, 10-11 & 12 with two high-tech industrial units totalling c.5,508 sq.m. (59,268 sq.ft.) GIA. The current lease term doesn’t offer sufficient security or are institutionally acceptable for investment purposes. Terms have been agreed to re-gear the leases and for Wrenbridge to masterplan Plots 6-16 through a development agreement with the Council. The term of the proposed lease and capital premium requires Executive Councillor approval.
