MEPC, the developer and manager of Milton Park in Oxfordshire, has confirmed that two of the estate’s speculative office buildings are now fully let. The 55,000 sq ft within 101 and 102 Park Drive is home to more than 360 staff from six separate companies.
Fully Let. 102 Park Drive, Milton Park, Oxfordshire
Both blocks — located at the heart of Milton Park in the Science Vale UK Enterprise Zone — offered the county’s only new Grade A office space. Built at a cost of £15m, they were the first offices to be built in an enterprise zone since the previous Government launched the concept in 2012.
“The 101 and 102 Park Drive development was commissioned when the economy was emerging from the recession and reflected a bold decision to commit to a speculative project at an early stage of the recovery,” explained James Dipple, MEPC’s chief executive.
“We were convinced that this scheme was going to be very successful as a result of the unique combination of a high quality product at one of the country’s leading science and technology campuses, coupled with a level of service and surrounding environment that is complementary to occupiers’ business needs.”
Leased entirely to global pharmaceutical company Ipsen, 102 Park Drive will house the firm’s research and development headquarters as part of its strategy to become a leader in speciality healthcare solutions for targeted debilitating diseases. Ipsen will fit out the 27,000 sq ft building as laboratory and office space prior to occupancy in 2016.
Its twin building, 101 Park Drive, is leased in separate suites. Part of the ground floor has been taken by Benchmark International, a company sales specialist with offices in the UK and United States. It is sharing the space with Commerce Decisions, a provider of best practice procurement knowledge and expert and software services.
Italian Wines & Beverages, the UK agent for Fratelli Martini based in Piemonte, North West Italy, has taken space on the first floor.
The remaining space within the building has been let to two existing Milton Park occupiers. Immunocore, one of the world’s leading biotechnology companies, was founded in 2008 as an Oxford University spin off and which already leases more than 90,000 sq ft on Milton Park.
And the second floor will be home to Adaptimmune, which is at the forefront of global interest in using the body’s own immune system to fight cancer. The company is focused on novel cancer immunotherapy products and has its research and development facilities at 91 Park Drive. Its latest lease will bring Adaptimmune’s Milton Park presence to nearly 40,000 sq ft.
“As a result of the success in letting the 101 and 102 development we have received a number of expressions of interest in other new buildings,” said Dipple. “We believe this has been triggered by the catalytic effect the scheme has had at Milton Park and which was significant in cementing the park as the most dynamic business location in the region.”
He admitted: “MEPC is now working on a number of projects to meet demand for space, and further significant new investment is being planned for 2015 and beyond.”
Although the terms of all the deals remain confidential, the advertised rents for both Park Drive blocks ranged from £25.00 to £27.00 per sq ft. Knight Frank and Carter Jonas acted on behalf of MEPC.
Philip Campbell is commercial director at Milton Park. “It’s great that these two buildings have been fully let to pioneering businesses in both the biotechnology and pharmaceutical industries, and also those that have expanding businesses which see the benefit of being part of a very strong business community in the enterprise zone,” he commented.
“We concluded the deals at 101 and 102 because our site-based team is focused on really understanding our customers and tailoring lease packages to suit their needs in this technologically advanced market.”
