Cambridge Innovation Park
Cambridge Innovation Park; a vibrant and expanding business hub in North Cambridge, is growing fast!
Five years ago, Paragon Land and Estates Ltd purchased the 10 acre site with its stunning architect-designed building. Since then, the company has completely refurbished and re-fitted the 45,000 sq. ft. building. It’s now become a busy and very highly regarded business and technology centre.
Stirling House is currently home to over 40 businesses and incorporates a stunning 5,000 sq. ft glass atrium with plenty of comfortable communal seating and a café. The area gives a pleasant tropical feel which provides a great co-working environment.
The original building has now been joined by Phase 1 of Blenheim House, which has a floor area of 30,000 sq. ft, and will be completed and ready for occupation in November 2017. The new building offers grade “A” office suites from 1,000 sq. ft. Phase 2 will add a further 52,000 sq. ft and be ready for occupation during 2019.
Both buildings offer businesses modern, light and spacious working areas and the opportunity to take additional space as they grow. They boast state-of-the-art technology ranging from high tech security and door entry systems, brand new fibre with enough capacity to cope with a data centre, eco lighting, heat pumps, electric vehicle charging points and more.
On completion of the new building, the park will offer a combined total of 127,000 square feet of tech and office space. The site is in an excellent location with excellent access to major transport links and within easy cycling distance of Cambridge City Centre. Ample car parking space is provided for employees and visitors.
Conscious of a desire to be eco-friendly and to reduce tenants’ reliance on the more traditional forms of transport, Cambridge Innovation Park will be providing large numbers of cycle racks, a car sharing scheme and shuttle buses to the guided busway and the railway station.
CEO of Paragon, Rick Parisi, and General Manager, Nick Hadley, spoke to Premier Construction about this new venture.
“Blenheim House will incorporate a smart new glass-fronted café with outside seating area, plus we’re planning a gym, a sauna, a steam-room, as well as a Jacuzzi, tanning booth, treatment rooms and nail bar.
“Every suite in the building will have its own frontage and will have its own interior design. The building has been carefully designed to minimise wasted space which helps us to compete very effectively with other sites on rental levels.
“With regards to the specification, the design, and the build, the process it has gone relatively smoothly. There have been the inevitable glitches but nothing that has caused us any major heartache.”
“It is the biggest project that we have run to date and we now have two more in the pipeline. We’ve spent around £2 million upgrading Stirling House and Phase 1 of Blenheim House has cost us over £5 million. We have funded the project using only our own capital together with funds from our normal mortgage bank and never exceeding 50% loan to value.
“Funds are already in place to cover the £10 million cost of building Blenheim House Phase 2 on the same basis. By avoiding the use of development funding, we are able to keep build costs down without compromising on quality which, in turn, helps us to offer lower rents to our tenants.
“The original building has been an unbelievable success story. It was definitely a risk to take it on, but it has surpassed our wildest expectations!
“Adding the additional facilities will make Cambridge Innovation Park the preferred option for businesses seeking office and tech space within the vicinity of Cambridge. Once Phase 2 is complete and occupied, we will have brought over 1,000 jobs to a formerly derelict site, which is a massively satisfying thought.
“Both Rick and I, are extremely proud to be a part of it.”
Rick further commented:
“When I first founded the property business, I did not expect to be working on multi-million pound projects. It is incredibly exciting.
“We have been so very successful at delivering the facilities that companies want and offering good value for money that we’ve recently had to double the size of our admin team to cope with demand! It’s great to see our ideas coming together before our very eyes – extremely satisfying.”
“We are putting together a launch event for Phase 1 of Blenheim House – Confirmed guests include many high-profile people such as the County Mayor, the MP for the region, numbers of business leaders, Councillors and several people that have been awarded CBE’s & OBE’s.
“Interest has been huge – virtually everyone that has been invited so far has accepted.
This is a great endorsement and a demonstration of the buzz that we are creating.
“Earlier this year, we launched “Incubyte” which is a Tech Start-Up Incubator based at Stirling House. This facility provides on-site virtual offices, hot-desking, co-working, training and mentoring. It has been so successful that we have start-ups working from a portacabin while they wait for space to become available!
“We have created a community where people enjoy working. They can come to us with only a laptop under their arm and they can develop and grow into substantial businesses without ever having to move off site.
“It’s a great scenario that benefits everybody concerned.”