MEPC signs first pre-let on latest phase of speculative development at Milton Park to Oxford Immunotec
MEPC has signed a deal with Oxford Immunotec Global PLC, a NASDAQ listed Oxford University spin-out, to expand its global headquarters at Milton Park. The pre-let will see Oxford Immunotec taking the whole of 143 Park Drive, one of three buildings on Milton Park’s latest £24 million speculative development: Park Drive East.
The move combines two of three existing Oxford Immunotec facilities at Milton Park into a brand new, purpose built 27,000 sq ft facility, which will house manufacturing rooms, R&D laboratories, the company’s ODL clinical laboratory as well as sales, marketing and various headquarters functions.
Oxford Immunotec is a global NASDAQ-listed, high-growth diagnostics company, focused on developing and commercialising proprietary tests for the management of underserved immune-regulated conditions such as TB. They are moving to 143 Park Drive to accommodate their continued growth.
A spin-out from the University of Oxford, Oxford Immunotec have been at Milton Park for over a decade and the move to 143 Park Drive will be the fourth time the company has expanded on the park.
143 Park Drive is one of three buildings in the new Park Drive East development where 141 (42,000 sq ft) & 142 (41,000 sq ft) are still available. The development is within the Science Vale UK Enterprise Zone which allows businesses taking space in the scheme the potential to save up to £275,000 on business rates.
Construction for all three buildings started at the beginning of this year. 141, the Grade A office building is due to finish in December. 142 and 143 will follow closely in early 2018. Planning permission for the new development was approved through the fast track Local Development Order process, specific to Milton Park.
To mark the announcement of the pre-let a small ceremony was carried out on-site where the MEPC team showed the Oxford Immunotec Senior Leadership Team the steels and layout for their new building.
Dr. Peter Wrighton-Smith, Founder & CEO of Oxford Immunotec said: “We are pleased that the MEPC team continue to partner with us to support our growth. The company manufactures all its products at Milton Park, of which >90% are exported to over 50 countries around the world. 143 Park Drive will enable the company to expand its manufacturing and laboratory space to support its continued growth, as well to support its transition from a one product company to a four product company.”
Philip Campbell, Commercial Director for MEPC at Miton Park said: “It’s been a real pleasure working with Oxford Immunotec on their latest move on Milton Park. We’re so pleased to be able to accommodate the expansion of theirUK facility here.This early pre-let has underwritten our decision to incorporate a highly flexible design into the new buildings being constructed at Park Drive East based on our clear understanding of the demand from science and technology companies. We look forward to handing over 143 to Oxford Immunotec on completion and announcing further lettings on the rest of the 110,000 sq ft scheme over the coming months.”
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