Group managing director Alan Roper said he was keen to take on the centre because he was born in the city and because he believes he can improve it to cater for an AB1 demographic.
Roper said he liked the location because it is surrounded by orchards and it is in a nice location near the city with good access off the M11.
He said: "It's got a lot of potential. It's not going to be a huge destination centre because of planning but it could be a very nice medium-sized centre with an AB1 focus."
Roper will gradually change ranging, merchandising and shopfit.
He said: "I was born in Cambridge so I always wanted a centre there. My only regret is my parents aren't around to see it."
He said the centre will complement the large Scotsdale garden centre, which dominates the local market.
A 20th Blue Diamond centre, further the north in England, is due to join the group "very shortly".