Didcot: Milton Park scheme the largest in recent Oxon history

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TBM Team

MEPC has appointed Knight Frank and VSL and Partners as letting agents for a major speculative development at Park Drive East, Milton Park. The development, which comprises three office and laboratory buildings totalling 110,000 sq ft, was one of the first to secure planning permission since the EU referendum and will be the largest in Oxfordshire’s recent history.

The scheme will deliver a 42,000 sq ft Grade-A office building, as well as two hi-tech laboratory facilities totalling 68,000 sq ft. The office block is expected to complete by the end of the year, while the two remaining buildings are expected to complete in Spring 2018.

Philip Campbell, commercial director at MEPC, said: “Launching this scheme will pave the way for existing residents to grow and will offer the opportunity for MEPC to welcome new companies to Milton Park who we know will be in good company with the existing science cluster mix here. MEPC’s close links with the world’s premier university at Oxford continues to anchor Milton Park as a destination for science and technology and a premium destination for business. We’re really pleased to have Ryan Dean (Knight Frank) and Tom Barton (VSL and Partners) on board and look forward to working closely with them both.”

The Oxford market has been thriving, with office rents growing at twice the rate of UK rents over the past two years to reach a record high of £28 per sq ft at the end of 2016, according to recent figures from Bidwells.

Take-up over the past four years has averaged 260,000 sq ft per annum compared with the long-term average of 200,000 sq ft per annum, reflecting strong demand for space.

Dean said: “There is currently a lack of existing options of this size in the marketplace and these buildings will fit the bill perfectly. We are looking forward to filling the buildings with best-in-class occupiers and believe that as an attractive proposition, businesses looking to move to the area will not be disappointed."

Barton added: “We are delighted to be involved in this scheme and have already had a good level of interest so far and urge any companies who are looking for this kind of space to register their interest as soon as possible to avoid disappointment.”

Located in the heart of the Science Vale UK Enterprise Zone, 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.

Source: CoStar

TBM Team