The Mill Yard project, formerly known as Devonshire Gardens, is being developed by Railpen, manager of the £34bn railways pension fund, and its development partner Socius.

This landmark brownfield regeneration will unlock a vital space in the heart of the city, located close to Cambridge train station.

Mill Yard comprises 110,000 sq ft of offices, 70 build-to-rent flats, a series of residential former railway cottages and a cluster of shops across seven buildings set around a 1.55-acre public park.

Once complete, the buildings will be all electric, using a combination of on and off-site renewable energy sources.

The project aims to generate more than £60m in social value for the local area, a figure verified by social impact company Social Value Portal.

Over £30m has also been earmarked for spending in the local supply chain, boosting the area’s economy and supporting nearby businesses.

Jamie Shearman, Area Director for Morgan Sindall Construction in Cambridgeshire, said: “The scale of change that Mill Yard promises to bring to Cambridge is truly remarkable and we’re incredibly proud to be working alongside Railpen and Socius on the development.”