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Report suggests Park Street Car Park redevelopment could bring economic benefits to city

News release from 01/08/2019

CAMBRIDGE City Council and its partners in the proposed redevelopment of Park Street Car Park are meeting with local businesses and residents next week to discuss the possible economic impact of the project.

The proposed redevelopment would see the construction of a premium aparthotel of more than 200 rooms, above a basement car park with 225 public car parking spaces including Blue Badge parking, cycle parking, motorcycle parking and facilities for electric vehicle charging.

In addition the existing Jordan’s Yard passageway through the car park will be opened up into a public courtyard with new landscaping.

A new independent report by Savills, which will be discussed at the meeting with the Park Street Liaison Group on Monday 5 August, outlines the economic benefits of redeveloping Park Street Car Park.

The Park Street Liaison Group was established in 2018 to offer a forum for dialogue between the council, developers and businesses, organisations and residents close to Park Street.

The Savills report states that likely permanent economic effects following the redevelopment will include:

  • £2.5m annual expenditure by guests at the aparthotel, principally benefitting nearby leisure-related businesses in the city
  • Creation of 40 full-time jobs at the aparthotel
  • No major adverse effects from reduced car parking capacity at the redeveloped car park due to a projected decline in multi-storey car park use in future years

A further report from the developers suggests that there may be an additional £0.5m annual spend by the aparthotel on local goods and services.

According to the report, during the redevelopment of the car park some businesses in the area immediately surrounding the Park Street site may experience some displacement. However, this will be offset by the ultimate economic benefits of the redevelopment, and by the potential daily spending in the area of around 100 construction workers.

If the car park, were not to be redeveloped, it would need to be closed for some periods during future years in order for it to be repaired.

An early public consultation was held earlier this year, alongside a series of liaison group meetings, as well as separate meetings with businesses and residents immediately adjoining the site.

Following the consultation, changes were made to initial proposals, including on the provision of cycle parking spaces and the type of cycle storage to be provided.

Further work on the scheme is continuing, led by Cambridge Investment Partnership, which is a partnership between the council and Hill Investment Partnerships, and its selected development partner, Marick Real Estate.

Fiona Bryant, Strategic Director at Cambridge City Council, said: “As the report by Savills demonstrates, the new aparthotel and underground car and cycle park will ultimately bring significant economic benefits to businesses nearby and in the wider city centre.

“We acknowledge that during the construction period some local businesses may be affected, but by holding regular meetings with businesses and their representatives we will continue to address their concerns and work closely with them to find solutions to help mitigate the issues and minimise disruption.”

Marcus Boret, Director of Marick Real Estate, said: “Work on the site will get under way as soon as possible, subject to planning permission, neighbourly engagement and once pre-commencement planning conditions have been discharged and other consents are in place.”