Chesterton Mill, Cambridge

Chesterton Mill is a distinctive innovation campus approximately one mile north of Cambridge city centre, comprising a restored Victorian flour mill and collection of former industrial buildings. The site provides more than 20,000 sq ft of workspace across 14 individual units.

Elwood acquired the property off-market in 2021 for £11 million. At acquisition, the campus was only around 30–40% occupied, with modest rents and limited identity across the site. Rather than undertake major redevelopment, the team focused on repositioning and actively managing the existing asset. Investment in landscaping, improved access and enhanced public spaces has strengthened the campus environment while retaining the character of its original buildings.

Elwood has deliberately developed a community of technology and innovation-led businesses, with occupiers including Intellegens, Focal Point and Coracle recommitting to the site through lease regears. The team works directly with founders and business leaders to understand their requirements, support retention and build longer-term occupier relationships. The approach has also prioritised the reuse and enhancement of the existing buildings, preserving their heritage and embodied carbon rather than replacing them through wholesale redevelopment.

Today, Chesterton Mill combines a strong innovation-led occupier community with improved public realm, long-term lease commitments and continued rental growth potential. The asset was valued at £15.5 million in March 2026, compared with its £11 million acquisition price in 2021.