Business park plan will tackle grade A office space crisis, says developerJul 10, 2016
Councillors have voted unanimously to approve planning permission for Woodlands Business Park at Linford Wood.
Developer and real estate investment house Barwood Capital plans to build up to 150,000 sq ft of new Grade A office accommodation arranged over six acres within four buildings of between 25,000 sq ft and 60,000 sq ft, alongside a detailed consent for the construction of new roadways, footpaths, parking areas and structural landscaping to serve the existing and new office buildings.
Barwood acquired the park in an off-market purchase for its 2015 Property Fund last year.
Director Andrew Barlow said: “Milton Keynes Council has supported our ambition to transform Woodlands Business Park into a first class modern business environment.
“The ten companies at the Park are thriving and our aim is to provide a place where they feel the utmost pride, through our investment to deliver greatly improved landscaping and high specification new office space.
“The council’s decision means that we will have flexibility for a range of office floorplate sizes to meet national occupier requirements up to 150,000 sq ft and address Milton Keynes’ lack of new Grade A office supply.”
The demolition of Oak House has been completed which provides a site for a new 60,000 sq ft new office building (pictured).
Three new lettings totalling 16,300 sq ft have been completed at Woodlands under Barwood Capital’s ownership: to Your MK, a joint venture between Milton Keynes Council and the Mears Group, MBA Consulting Engineers and Nexus Business Solutions respectively.
Refurbishment of the remaining available accommodation at Beech House will commence imminently, said Mr Barlow.
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.
The Woodlands Business Park masterplan, building design and planning have been completed by PRC Architecture and Planning. 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.