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Milton Keynes business park acquired for £40m

Written by News Desk

Wednesday, 12 December 2007

Pinnacle of ambition: An aerial view of Wavendon Business Park, which has been acquired for £40m Milton Keynes’ position as one of the UK’s pre-eminent business hubs received further credence following a number of investments, including two major pre-lets for the town’s largest office development in over 25 years and the £40 million acquisition of Wavendon Business Park. The forward-thinking town is also proving beneficial to nearby locations such as Bletchley, which is undergoing something of a business renaissance with its own spate of commercial property deals. Bidwells announced two pre-let transactions have been completed which mark the launch of the development of The Pinnacle, Milton Keynes’ £60m office development – its largest in the centre in over 25 years. Developers of the scheme, Hampton Brook, secured the pre-lets which account for over 40 per cent of the 200,000 sq ft office building, to two international professional services occupiers: Deloitte and Denton Wilde Sapte. Construction work has already commenced on the ‘grade A’ development, which is expected to be ready for occupation by summer 2009 and is aiming for a BREEAM “excellent” energy efficiency rating, which would make it the first office building in central MK to have one. Elsewhere in Milton Keynes, Prudential Property Investment Managers has acquired Wavendon Business Park, a new office campus in the city for £40m, with Bidwells advising on the deal. Wavendon Business Park will be fully occupied by Electronic Data Systems. Phase I, comprising two buildings, is complete and already occupied while development of the two further buildings, comprising Phase II, is currently underway and scheduled for completion in May 2008. When complete, Wavendon Business Park will comprise four, two storey, office buildings totalling 150,000 sq ft occupying a site of 16.5 acres. Roger Yates, partner in Bidwells’ investment team, commented: “The deal demonstrates the ability of Milton Keynes to attract global corporate occupiers and mainstream institutional investors, a trend that looks set to be maintained as the town grows over the next 10 to 15 years in line with government targets.” Central government incentives to take Milton Keynes’ 185,000 population past 300,000 by 2030, London business overspill, a ground-breaking free wireless broadband programme for the town centre and a host of major new commercial build projects have helped Milton Keynes become an area of rapid growth and development over the last few years. 2006 saw the completion of two new hotels right in the heart of the Milton Keynes Business district, while construction is underway at the Hub MK and CBX3 and the new Sainsbury’s complex with apartments above. Work is soon to begin on a massive expansion of shopping centre, the centre:mk, and building has begun in Campbell Park, just behind Xscape. Projects a little further away include a new marina in Campbell Park beside the Grand Union Canal and further development in the West End CMK business area. Acting for London & Cambridge Properties and in advance of the use of formal compulsory purchase powers by Milton Keynes Council, Bidwells concluded the sale of Colossus, a refurbished warehouse and distribution facility extending to 163,000 sq ft on 9.6 acres. Wider Milton Keynes is also benefiting including regeneration of Bletchley, Wolverton, the Extracare Retirement Village at Willen, Stadium:MK Construction, and development at Ashland, Oxley Park. Property agent Douglas Duff says Bletchley’s business appeal is enjoying something of a renaissance following a recent series of commercial property sales and lettings. Some new developments are underway and only a small selection of commercial properties remain available in the town. “With its proximity to the national motorway network, Bletchley provides a good business location, complemented by a revamped town centre and a skilled workforce,” said Simon Sheath of Douglas Duff. One of the newest companies to move into Bletchley’s Mount Farm employment area is Eurocell Building Plastics, which has taken around 4,500 sq ft of trade counter and warehouse space at Unit 2, Dawson Road. Another major new development, Paragon:MK, is also under way in Bletchley, providing substantial warehouse premises and offices for sale or to let on a mature employment site in Denbigh West . It is expected to be ready by spring 2008. Developed by Volume Developments UK and PPG Southern, it will provide state-of-the-art warehouse facilities for sale or to let and – at 138,000 sq ft including 126,000 sq ft of warehouse space and 12,000 sq ft of offices – it is the largest single building to be constructed in Bletchley for several years. Other recently completed sales and lettings of commercial properties in Bletchley include: The letting of the last unit at the Enigma Centre to Samworth Brothers, which is expanding itsgourmet sandwich-making business; and the sale to Milton Keynes College of Arena Park.

 

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