The £30bn (€32.6bn) UK railways pension scheme RPMI Railpen has teamed up with UK developer First Base to develop a £155m mixed-use neighbourhood in Cambridge.

The two firms have agreed, an undisclosed amount, to buy a 3-acre site in Cambridge city centre for the new 250,000sqft mixed-use project.

With planning expected to be submitted by mid-2021, the development is expected to include a mixed-use quarter comprising workspace, build-to-rent apartments, and leisure and community spaces set around new public gardens, the companies said in a joint announcement.

The site’s current occupier, home improvement retailer Travis Perkins, will be relocating to a new branch in Cambridge.

Barry Jessup, director at First Base, said: “This is a rare development opportunity in the heart of Cambridge, one of the UK’s most dynamic and cutting-edge cities.

“Our vision is to create a permeable mixed-use neighbourhood set within new public green spaces, opening up new pedestrian and cycle routes in the city centre.”

Richard van Lente, senior asset & development manager at Railpen, said: “Joining our existing portfolio in Cambridge, this acquisition is one which allows us to further Railpen’s significant investment into the future of the city.

“While providing high-quality public realm for the community, the mixed-use scheme will also hold strong environmental and sustainable credentials which seamlessly align with our investment values.”

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