Some of the UK’s biggest property companies have said a 2012 Olympics-style body is needed to make the Oxford-Cambridge Arc a success, so councils and businesses can work together on the scheme.

To guarantee growth in the region, 25 investors and developers, including Legal & General, Barratt Developments, and Grosvenor, are calling for politicians to create a singular body responsible for housing and infrastructure within the Arc - similar to the organisations created for the Olympics and the London Docklands.

The business leaders have warned that without a long-term plan for new housing, workspaces and up to date road and rail infrastructure workers and businesses could be priced out of the Arc.

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The Radcliffe Camera, Oxford.

Patrick McMahon, is senior partner at Bidwells, a property consultant which has put together a manifesto for the property companies with suggestions on how to improve the Oxford-Cambridge Arc.

Mr McMahon said: “At either end of the Oxford-Cambridge Arc are the two best universities in the world that collectively see some of the world’s most promising talent walk through its doors each year.

“But, while attracting top talent doesn’t seem to be a problem, retaining it certainly is.”

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He added: “By delivering vital housing, infrastructure and cutting-edge science and tech facilities, the Oxford-Cambridge Arc’s knowledge-based economy can compete on the global stage while having significant knock-on effects for the rest of the UK through supporting industries and connecting businesses.

“But to do so, a long-term strategy that encourages public-private collaboration is crucial.”

In Cambridge, houses prices risen by 73.4 per cent in the last decade, while in Oxford, prices have seen a 66.8 per cent increase.

The Arc’s knowledge-based economy has an annual gross value added of £100bn.

This has caused office rents to jump by 11.9 per cent in the last year alone as companies vie for limited space.

The new body would be responsible for delivering all new housing, transport links, social infrastructure and commercial space within the Arc, which covers 3 million people.

It would bring the Arc area’s 31 local councils together with developers.

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King's College Chapel in Cambridge.

The Olympic-style delivery authority would see private and public organisations working together on decision making.

The property chiefs claim it will help streamline planning, making it easier to deliver and speed-up major projects such as the Oxford-Cambridge rail link and give investors in the scheme greater certainty.

The aim is to create a supercluster like California’s Silicon Valley with tech giants sitting alongside start-ups and university spinouts.

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Pete Wilder, head of property at Oxford Sciences Innovation, the largest fund dedicated to academic spinouts in the world, said: “Oxford, Cambridge and Milton Keynes have the key core ingredients - great academic institutions and tons of world-leaden talent - but without the right labs to work in or affordable housing to live in, all of that talent will leave and we’ll miss a huge opportunity to boost Britain.”

Kieron Salter, managing director at KW Special Projects Ltd, an engineering consultancy located at Silverstone Technology Cluster, said: “The Arc is home to some of the UK’s leading tech clusters, specialising in various industries such as aerospace, future transport, advanced manufacturing, life sciences and aviation.

“However, private funding isn’t going to be enough to create the supercluster the region dreams of.

“Public-private partnerships are crucial to providing the funding for development which will help combine the Arc’s clusters to create a powerful community of knowledge that shares experiences and expertise.”

Oxford Mail:

London's Olympic Stadium. Picture: Lewis Whyld/ PA Wire.

The Olympic Delivery Authority (ODA) was established in 2006 to organise groundworks for the 2012 London Olympics and make sure the games’ legacy were a success.

Over a six-year period, the ODA led the planning and construction of the Olympic Park: eight venues, a media centre complex, the Olympic and Paralympic athletes’ village, 250 acres of parklands, as well as new bridges, roads and energy infrastructure.

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The construction of the Olympic Park in East London was hailed as a success because the ODA did not need to enter time-consuming negotiations with various local bodies.

Instead, the organisation encouraged the five local councils that sat within the boroughs in which regeneration was taking place to communicated with developers.

There were also strict and immovable deadlines for planning, financing and construction to make sure targets were met.

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The area encompassed by the Oxford-Cambridge Arc. Picture: Google Maps.

The ODA was inspired by the success of the London Docklands Development Corporation (LDDC) which was given powers over buying and getting rid of land to help regenerate the area.

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The LDDC also served as the planning authority for the area and was further empowered in 1982 when the creation of an enterprise zone simplified planning rules.

The call for an Olympic-style delivery authority is one of the proposals put forward in the ‘Radical Regeneration Manifesto’ produced by property consultants Bidwells, architects Perkins and Will, and policy advisory business Blackstock Consulting.

In total, the manifesto sets out 16 policy recommendations to overhaul the tax and planning systems to make Britain a more attractive place to invest and develop.