Magazine article The Times Higher Education Supplement : THE

Cambridge's NW Quarter 'Losing Millions Each Month'

Magazine article The Times Higher Education Supplement : THE

Cambridge's NW Quarter 'Losing Millions Each Month'

Article excerpt

The University of Cambridge's £1 billion North West Cambridge development is "haemorrhaging millions of pounds a month", a member of the institution's council has suggested as academics debated a projected overspend.

Cambridge took out a £350 million bond to part-finance the project, which includes 1,500 homes for staff and 100,000 sq m of academic and research and development space. Approval was given in early 2013 and work on phase one began in June that year.

Members of the university's governing Regent House discussed the project at a meeting earlier this month, with a report of the discussion published in the Cambridge University Reporter last week.

Ross Anderson, professor of security engineering at Cambridge and a member of its council, speaking in a personal capacity, said that the first indication of trouble he had received was when he was given the papers for a July council meeting.

Professor Anderson "learned that because of building cost inflation and a dispute with the infrastructure contractor, Skanska, the Syndicate - to which the Regent House delegated management of the project - expected it to run £50 million to £80 million over budget", he told the Regent House in his speech. …

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