MEPC Breaks Ground on £24m Milton Park Scheme
Construction work at MEPC's Park Drive East development at Milton Park, near Didcot, has commenced and is the first milestone in the 12 month development pipeline for one of the regions largest speculative office and laboratory developments.
Park Drive East comprises three separate buildings (141, 142 and 143 Park Drive), and includes a Grade A office building as well as two hi-tech laboratory facilities. The Grade A office building is expected to complete by the end of the year, which will accommodate the ongoing demand for high quality office and laboratory space in Oxfordshire. The two remaining buildings are expected to complete in Spring 2018.
The development is situated on a 7.6 acre site located towards the eastern end of the leading science and business park. It falls within the Science Value UK Enterprise Zone, which means businesses taking space in the new scheme can apply for business rates discount of up to £275,000.
Park Drive East will respond to the ongoing demand for quality office and laboratory space in Oxfordshire and neighbouring areas. The buildings are designed and specified with a high level of flexibility in mind to appeal to science and technology companies embarking on research and development activities. New occupiers will benefit from being close to the already impressive occupier mix at Milton Park.
A breaking ground ceremony took place on February 3 at Park Drive East to mark the start of construction. In attendance were James Dipple, CEO of MEPC, Philip Campbell, MEPC commercial director and local MP Ed Vaizey and the onsite team contractor Buckingham Group Contracting, who have been appointed to carry out the construction work.
Ed Vaizey said "I'm pleased to have been a part of this exciting ground breaking ceremony marking one of the largest speculative development buildings in Oxfordshire.
MEPC's commitment to this project shows that Milton Park is still one of the top performing Enterprise Zone's in the country and i'm looking forward to seeing the life sciences cluster in Oxford grow as a result."
James Dipple, CEO, MEPC said "Milton Park is firmly established as an anchor destination for life sciences in our region, particularly due to its close links to nearby Oxford University and its Life Science Division, which ranks first globally and therefore an attractive space for upcoming companies. Park Drive East will provide businesses with the opportunity to join an established community of like minded businesses, helping to satisfy requirements from within our existing customer base. We look forward to announcing new lettings at Park Drive East in the near future.
In developing work spaces suitable for the thriving science and technology sector, MEPC is able to drive job creation and growth in the region. The new development at Milton Park has potential to create 1,000 new jobs, which will support the Vale of White Horse and South Oxfordshire District Councils' plans to deliver 20,000 new jobs over the next 20 years.
VSL and Partners and Knight Frank are jointly marketing the scheme.
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