The University of Cambridge has been granted planning permission to build 3, 000 new homes as part of its £1 billion development in northwest Cambridge, creating significant employment opportunities for people in the trades.

The planning application for the 150 hectare site was approved by local authorities today, paving the way for residential and development partners to start building construction work in early 2013.

Cambridgeshire County Councillor Ian Bates welcomed the project’s planning consent. He commented that the £1 billion investment will encourage economic growth and create new jobs, showing that Cambridge is truly open for business.

Mr Bates said: “This new development and investment in the University will be a major boost to jobs in the area and help attract even more business.

“A booming Cambridge economy is good for our local communities and the nation as we have the ability to help the country out of recession.”

The University of Cambridge said in a statement today that it will provide 1,500 homes for key University and College employees, 1,500 homes for sale and accommodation for 2,000 students.

New 100,000 square metres research institutes will be built to the University’s wide range of community facilities. Around one third of the site will be used as public open space for sports, informal recreation and ecological use.

“This development is a major part of the University’s long term future,” said Vice-Chancellor Professor Sir Leszek Borysiewicz. “It will provide much of the residential and research accommodation that the University needs as it grows over the next 20 years.”

Councillor for South Cambridgeshire District Council, David Bard, said: “This development is key to the next stage in the development of Cambridge and will be an exemplar of sustainable living. The plans are of a very high quality and will deliver a new community that everyone will be very proud of.”

What is your reaction to the £1 billion investment at the University of Cambridge that will encourage economic growth and create new jobs? Share your thoughts by commenting here or raising your voice on our Facebook and Twitter page.