UK’s first speculative offices completed in Enterprise Zone

Two high specification office buildings in the Science Vale UK Enterprise Zone have been speculatively developed by MEPC at a cost of £15 million at Milton Park in Oxfordshire, making them the first to be completed in the UK since the Government launched the Enterprise Zones in 2012.  Milton Park is one of Europe’s largest business and science parks and home to more than 250 businesses and 6,800 people.

101 & 102 Park Drive are brand new buildings set to house 500 staff, offering business rates’ savings of up to £275,000 on 5,000 sq ft to 50,000 sq ft of high quality, flexible, and energy efficient space.  Rated BREEAM Excellent, they are available as two connected buildings for one occupier or on a floor by floor basis.  They offer the only new Grade A office space available to rent across the whole of Oxfordshire.

Andrew Barlow, commercial director at MEPC’s Milton Park explained:  “There is a shortage of new office space in Oxfordshire, and demand for these new buildings is high from local, national and international companies looking for high quality buildings.  We are in discussions with companies already on the Park who need to expand, and new occupiers who require a superb new office in a world leading business community.

“We are confident that with the buoyant Oxfordshire economy and our own track record at Milton Park, including an industry beating tenant retention rate of 90%, this substantial investment will lead to the creation of up to 500 new jobs.

“For any business looking for office space, there are considerations beyond the technical specifications of these EPC A rated buildings.  They can benefit from a successful and growing local economy, and proximity to two of the world’s leading universities and internationally renowned centres of excellence.  Enterprise Zone status means that qualifying companies can benefit from business rates’ relief of up to £275,000 per organisation over five years.”

During the last 12 months, MEPC has also built, completed and let an additional 67,000 sq ft in Enterprise Zones as part of its ongoing development strategy at Milton Park.  This includes: Abingdon based Crowcon Detection Instruments Ltd, a leading gas detection company, having successfully relocated 200 people into its brand new, purpose built HQ at 172 Brook Drive; two speculatively developed industrial buildings at 119 and 120 Olympic Avenue which were fully multi-let to 10 companies ranging from a Formula One engineering company to a kitchen interiors provider to printers; the Enterprise Zone at Milton Gate will also see a new Costa Coffee drive thru and Ridgeway Volkswagen dealership by the end of 2014.

101 & 102 Park Drive have a quoting rent of £26.00 per sq ft.  Carter Jonas and Knight Frank are the leasing agencies.