The site presently comprises a dozen buildings across 20 acres, providing 325,000 sq ft of commercial office space only.

The developing masterplan intends a wholesale rebuild to create a science and technology park along with a mix of retail and leisure spaces and up to 200 homes.

Plans are still at very early stages of design with public consultation planned for later this month.

Subject to planning, construction at Cambridge Business Park is anticipated to begin in 2026 through a phased approach, with the new destination open and operational by 2030.

Led by The Crown Estate, the mixed-use regeneration project worth £1.5bn will support the Government’s focus on keeping the UK at the forefront of global innovation.

Dan Labbad, CEO at The Crown Estate, said: “The Crown Estate is investing where it can have the most meaningful impact in addressing areas of national need, meeting local challenges and realising opportunities.

“Working with government and our partners, we intend to contribute to the UK’s science, technology and innovation sectors’ success on the global stage, acting as a catalyst for innovation and economic growth, while delivering a community of socially-conscious and environmentally-focused business leaders.”