Developer advises on the regeneration of Cambridge car park into a premium aparthotel
Marick was selected by Cambridge City Council to redevelop Park Street multi-storey into a five-storey, 229-bedroom hotel with a gym, lounge and café. Below the hotel will be a basement car park with 225 public parking spaces while a public courtyard will provide an appealing connection between Park Street and Bridge Street. The aparthotel will be operated by the Staycity Wilde brand. Gilbert Ash has been appointed as the construction partner.
The Park Street development will focus on reducing carbon emissions through high performance construction materials and ecology best practices to achieve the BREEAM environmental ‘excellent’ rating. The scheme has been awarded exemplary credits in the assessment so far which include mechanical ventilation heat recovery, air source heat pumps and solar panels.
The car park will initially provide 10 per cent of spaces with electric vehicle charging points, with infrastructure in place to expand this to 100 per cent.
Demolition work will begin in January 2022, with the car park opening in August 2024 and the aparthotel in March 2025.
Real estate partner, Caroline Hanratty, led the Mills & Reeve team which advised Marick on the funding agreement with Cambridge City Council, the lease agreement with Staycity and further ancillary agreements. The team also advised on the building contract with Gilbert Ash.
Caroline said: “The project is an important development for Cambridge as it demonstrates its commitment to inward investment and reducing carbon emissions, while the Staycity Wilde brand, with its contemporary vibe, will be a great addition to the city centre.
“Marick is a long-standing client and the ideal developer to deliver this important project. We are pleased to advise the team at Marick on another innovative hotel development.”
Marick said: “We are delighted to be working with Cambridge City Council, Staycity and Gilbert-Ash in delivering this exciting and innovative new scheme to the Conservation Area in Cambridge City Centre. We have spent a considerable amount of our time consulting with local stakeholders to engage their input and support to bring this scheme forwards.”