A new regeneration body will deliver thousands of new homes, jobs, and long overdue transport links in Greater Cambridge in a major move to unlock growth in the region.
Working in partnership with local leaders and communities, the region’s biggest Development Corporation will drive faster, more sustainable growth – ensuring transport and services are built alongside new homes, not as an afterthought.
It will also rake in millions more in investment, cementing Greater Cambridge’s status as a world-leading centre for science and innovation.
The Corporation will bring land together for development, invest in key sites and unlock stalled and derelict land - tackling housing affordability, cutting commuter delays, breaking down barriers to employment, and improving connectivity.
The announcement builds on the up to £800 million already committed to kickstarting development around Cambridge and Oxford, which will increase the supply of affordable homes, upgrade transport links, and provide more green spaces for residents.
Housing Secretary Steve Reed, said: “Greater Cambridge is an area with huge potential that the new Development Corporation will help turn into more affordable homes, good jobs for local people and infrastructure that supports its communities.”
Chancellor Rachel Reeves, said: “Greater Cambridge is a powerhouse for regional growth – and we’re unlocking its full potential as part of the Oxford-Cambridge Growth Corridor.
“We have the right economic plan – by working with local leaders to unlock stalled sites and invest in infrastructure, this Development Corporation will deliver homes, jobs and opportunity at scale, driving regional growth and supporting our science and innovation strengths in Britain.”
The Greater Cambridge Development Corporation will be a joint national and local body, with the powers and long-term leadership to turn ambition into delivery.
It will bring sites ready for development together quicker, invest in critical infrastructure and bring forward sites that have sat idle for too long – building well-designed communities where people want to live and work.
As well as new homes, it will create thousands of jobs for local partners and businesses, state of the art innovation spaces, bolstering Cambridge’s position as a global centre for science and enterprise.
Local partners and businesses have backed proposals for the Development Corporation, recognising its role in unlocking growth and new jobs across the city, providing the certainty and momentum needed to bring forward strategic sites and attract private investment.
Progress is already being made to remove barriers to growth in Greater Cambridge, including government action to provide adequate water supply and wastewater capacity. This has enabled over 9,000 homes and more than 500,000 sqm of commercial space to come forward so far.
