Council agrees Saxon Court sale to developerOct 20, 2020
Saxon Court: The former council offices are set to be purchased and redeveloped.
A DEVELOPER and real estate investor are set to complete the acquisition of Saxon Court in Central Milton Keynes.
Mixed-use developer First Base and institutional real estate investor Patron Capital, have exchanged contracts on the purchase of the former Milton Keynes Council offices.
The sale is part of the council’s £2 billion Covid-19 recovery plan, which proposes to transform the site into a technology and innovation hub with new homes.
The building will be refurbished to create workspace for small, medium and large businesses, local convenience retail and a public space for cultural and community use. Land next door will deliver new homes.
Businesses and residents are being urged to have their say on the plans when consultation begins later this month.
Milton Keynes Council leader Cllr Pete Marland said: “The sale of Saxon Court will pave the way for a £200 million investment in Milton Keynes.
“The initial proposals are exciting and complement our plans for Central Milton Keynes, which include the world-class university MK:U, pioneering work and leisure spaces, and new affordable homes – and work to help Milton Keynes recover economically from Covid-19.”
First Base director Barry Jessup added: “This is an exciting opportunity to create a new mixed-use district in the heart of one of the UK’s fastest growing cities. Our investment will bring nearly £200 million into the Milton Keynes economy and we very much look forward to working with the council and the local community to develop our plans.”
First Base is a privately-owned developer specialising in placemaking and urban regeneration. Its current projects include the regeneration of the Soapworks site in Bristol into a mixed use district with workspace and over 160 new homes. It is also developing 170,000 sq ft of creative workspace and 168 homes in the centre of Brighton.
Patron Capital represents around €4 billion of capital across several funds and related co-investments, investing in property and businesses.
The redevelopment of Saxon Court will be the second project carried out by First Base with Patron Capital. Cllr Marland said: “We look forward to reviewing the proposals that First Base put forward and listening to local people’s views.”