Barwood Capital, a leading UK real estate investment and development business, has submitted a planning application having redesigned the previous masterplan and commenced the implementation of an ambitious investment programme to create a leading Milton Keynes business location at Woodlands Business Park (“the Park”), which it acquired in October 2015 in an off market purchase for its 2015 Property Fund.
The new masterplan across the 12.5 acre Park is proposed to include 150,000 sq ft of new Grade A office accommodation arranged within four buildings of sizes between 25,000 to 60,000 sq ft, alongside significant landscaping improvements and estate road and infrastructure works, to create a first class modern business environment to compliment the estate’s excellent location and proximity to central Milton Keynes.
Demolition works have commenced at Oak House, a 37,000 sq ft office building which until 2011 was previously the headquarters of BSI. Demolition is due to be completed shortly, with 98% of materials to be recycled. It is proposed that it will be replaced by a new Grade A 60,000 sq ft office building to suit modern occupier requirements.
Andrew Barlow, director, Barwood Capital said: “Wooodlands Business Park currently comprises nine buildings totalling 100,000 sq ft and is a business community where great companies are thriving. The Park presents an excellent opportunity to create a really outstanding business environment and we are excited at the prospect of unlocking its full potential with our masterplan and investment plans. There is an existing planning consent in place but we have adapted the masterplan and have submitted a new planning application to include a first class new replacement Oak House office building, an estate road and infrastructure works. We have flexibility for a range of office floorplate sizes to meet occupier requirements up to 150,000 sq ft and address Milton Keynes’ lack of office supply.”
Pam Gosal, head of corporate economic development & inward investment, Invest MK at Milton Keynes Council said: “We are delighted that Barwood Capital continues to invest in Milton Keynes as a leading business destination. The Woodlands development plans will play an important part of our vision to promote inward investment as we approach Milton Keynes’ 50 year milestone in 2017 and celebrate the City as a great place to live, work and visit.”
Barwood Capital’s 2015 Fund targets sites and buildings that require investment and expertise to reposition them within specific markets where supply and demand are fuelling genuine rental growth. Barwood’s 2015 growth fund closed in July 2015 with the ability to secure more than £100m of commercial and residential property assets. Barwood Capital continues to seek well located assets with lot sizes between £3 million and £15 million that have the potential for value to be added through active asset management, planning and development.
LSH is the letting agent with Bidwells for the remaining vacant accommodation at Beech House; Bidwells and Knight Frank are the new development letting agents.