Moving the family home so Cambridge can grow
A residential home close to Cambridge's CBD will be removed and a commercial development constructed in its place. The move will go some way towards meeting the desperate demand for commercial space in town.
The family owners of the 1950s house on Wilson St, neighbouring The Warehouse, plan to relocate the building. It will be replaced by a new 300/m2 commercial complex which will be developed on the site. Work on building this new complex is expected to start in June.
Property broker Ian McHarg, acting on behalf of the family who wish to remain anonymous, was confident the new building would be quickly tenanted.
"Enquires so far have included building companies, engineers, medical tenants and offices to support the racing industry," he said.
The building design is adaptable and can be configured to accommodate up to three tenants for both office and retail use. McHarg said Cambridge is at the stage where the commercial value of the land is more valuable than the house.
With the land already zoned commercial this means building can get underway in June with a completion date set for October/November 2017.
McHarg would not speculate on the cost of the development as building costs have risen markedly over the past few years. "The new building design includes a gable roof and colours which addresses and meets the requirements of the heritage zone," he said.
Cambridge Community Board Chairman Mike Pettit described the development as "great news".
Anecdotally, the Cambridge Chamber of Commerce receives regular enquiry for commercial or professional office space and this is set to increase over time. Chamber chief executive Tania Witheford said the town is positioned well to accommodate more businesses.
"Availability to good commercial space at fair prices will potentially enable businesses to establish themselves in Cambridge or provide opportunity for business expansion and thus improve employment opportunities for our growing population," she said.