Mills & Reeve LLP advised Marick Real Estate with a team including Caroline Hanratty (Picture – Real Estate).
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 (Picture), 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.
Involved fees earner: Caroline Hanratty – Mills & Reeve LLP;
Law Firms: Mills & Reeve LLP;
Clients: Marick Real Estate;