Construction work at the £24m Park Drive East development at Milton Park being undertaken by MEPC has reached the half way milestone, with work on track and progressing on time for the completion of one of the region’s largest speculative office and laboratory schemes in five months’ time.
The development comprises three buildings (141, 142 and 143 Park Drive), including a Grade A office building and two hi-tech laboratory facilities. Construction began in February 2017, marked by a ground breaking ceremony. The office building is due to complete in December 2017, with the two laboratory buildings following closely in early 2018.
This milestone follows last month’s announcement that MEPC has signed a pre-let agreement with existing occupier Oxford Immunotec Global PLC, a global NASDAQ-listed, high-growth diagnostics company. Oxford Immunotec is taking the entirety of 143 Park Drive to accommodate its continued growth in a new, 27,000 sq. ft. headquarters.
Park Drive East is being developed to meet strong demand for best-in-class, strategically located premises at the heart of the Oxfordshire science Cluster. Designed, with optimum flexibility in mind, the buildings will satisfy the requirements of innovative businesses, including science and technology companies embarking on R&D activities. Occupiers taking space within the development benefit from its position within the Science Vale UK Enterprise Zone, which allows businesses to apply for business rate discounts of up to £275,000.
Philip Campbell, Commercial Director for Milton Park at MEPC said: “This is an important milestone in the life-cycle of Milton Park. The Park Drive East scheme is well on track for completion at the turn of the year, bringing new stock of high-quality office and laboratory space to the market which will help drive the economic growth of this region.
“We are delighted that 143 Park Drive has already been let to accommodate Oxford Immunotec’s expansion and look forward to providing other occupiers of the park an opportunity to maximise their growth plans as well as welcoming new companies to the Park community.”
Buckingham Group is the main contractor for the development.
Knight Frank and VSL & Partners are the letting agents for the scheme.