Milton Park to Launch 110,000 sq ft Speculative Scheme
MEPC has announced it is to start work on three buildings totaling 110,000 sq ft of office and laboratory space at Milton Park. VSL is instructed as joint letting agents with Knight Frank to market the space.
Planning permission for the £25 million scheme was fast tracked by Vale of White Horse District Council through the Milton Park Local Development Order which enables a fast response to the urgent needs of thriving occupiers.
The scheme at Park Drive East will be the parks biggest ever speculative scheme of its kind and has been designed to be flexible and to appeal to science and technology companies for research and development.
A 168,000 sq ft pre-let development of four buildings - two now occupied by DC Payments and Crowcon - is due for completion later this year. MEPC’s previous speculative development at Milton Park was 101 & 102 Park Drive.
MEPC has managed the park for over 30 years on behalf of Hermes Investment Management. Milton Park is one of Europe’s largest and most successful integrated business, science and technology parks under single-ownership. It is now home to over 9,000 people and 250 organisations.
MEPC chief executive James Dipple said: “MEPC is confident that the economic drivers for this region are strong despite some uncertainty post-referendum and this scheme will let very well due to the acute shortage of the right type of floor space in Oxfordshire to cater for innovative businesses to grow.
“The project creates opportunity for new companies to join the Milton Park community, help satisfy requirements from within the existing customer base and reinforce the premier position as the destination of choice for science and technology businesses within the region.”
Chris Taylor, head of private markets at Hermes Investment Management, said: “With global capital increasingly gravitating towards talent, our investment in the ongoing regeneration of Milton Park illustrates the way in which the themes associated with urbanisation, globalisation, technology and sustainability combine to drive occupational demand to the region.
“Milton Park is firmly established as an anchor destination for life sciences due to its close links to nearby Oxford University and its Life Science Division, which ranks first globally. Last week, Oxford University was also ranked number one in The Times Higher Education World University Rankings.”
Businesses taking space in the new scheme will be able to apply for Enterprise Zone business rates discounts of up to £275,000.
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