Ground broken for Oxford speculative office scheme
Developer MEPC and contractor Buckingham Group have commenced construction work of the speculative Park Drive East development at Milton Park in Oxfordshire.
Park Drive East will comprise three separate steel-framed buildings (141, 142 and 143 Park Drive), totaling 10,200m² of floorspace, including a 3,900m² Grade-A office building, as well as two hi-tech laboratory facilities.
The Grade A office building is expected to complete by the end of the year, which will quickly accommodate the ongoing demand for high-quality office and laboratory space in Oxfordshire. The two remaining buildings are expected to complete in spring 2018.
The development is situated on a 7.6-acre site located towards the eastern end of the leading science and business park. It also falls within the Science Value UK Enterprise Zone, which offers businesses taking space in the new scheme business rates discounts of up to £275,000.
All three buildings have been designed and specified with a high level of flexibility in mind, which is said to appeal to science and technology companies embarking on research and development activities.
CEO at MEPC James Dipple said: “The development will be the largest ever speculative build of its kind at Milton Park and in Oxfordshire, with the acute lack of commercial space in the area, coupled with our exceptionally low void levels at Milton Park, we are confident that it will be well received.
“The accommodation will provide the opportunity for new businesses to join the Milton Park community, help satisfy requirements from within our existing customer base and maintain Milton Park’s position as the premier business location and destination of choice for science and technology businesses within the region. We look forward to announcing new lettings at Park Drive East in the near future.”