Silverstone Park moves to "next level" as MEPC reveals new 140,000 sq ft speculative development
Date of Article
Sep 09 2019
Sector
Planning & Development

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@ Jon Silversides
Jon Silversides
MRICS
Business Space Agency - Oxford
01865 404458 email me about Jon
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Three career highlights:
Over a career spanning nearly 30 years involving all forms of property from a nuclear bunker through to the vast majority of the County’s main business schemes, it is difficult to choose just three highlights; the following are certainly are worthy of note:

Letting acquisition, for SkyCaddie, at Haddenham: 
I have chosen this as we were presented with a challenging brief by our client but I was able to use my market knowledge to unearth an off market opportunity that we subsequently acquired on very favourable terms.

Sale of Foxcombe Hall, Oxford: It is not often you get to market a University Campus and, as such, our disposal of the former Open University Campus at Boars Hill has been a highlight, working alongside our residential team on this high profile instruction.

Letting instruction, The Quadrant, Abingdon Science Park: I am currently leading this letting instruction where we have enjoyed a considerable amount of early success. I have chosen this as a highlight however as we have been able to provide clear letting advice, implement our recommendations and see the results.   

I can provide advice on:

Key announcement at Silverstone Park – where Carter Jonas is appointed regional letting agent

MEPC has released details of the next speculative phase of development at its high-tech business estate Silverstone Park, which will include nine new units providing 140,000 sq ft of industrial/workshop premises. 

The development follows the success of the most recent speculative industrial scheme, which attracted ten new advanced engineering companies to Silverstone Park.

The latest scheme includes:

• 6 new terraced units (nos. 1140-1145) totalling 55,000 sq ft and ranging in size from 6,000 sq ft to 12,000 sq ft
• 3 detached industrial units (nos. 1502, 1504 and 1506) totalling 85,000 sq ft and ranging in size from 18,000 sq ft to 40,000 sq ft.

The scheme is within the Aylesbury Vale Enterprise Zone meaning that qualifying occupiers can claim business rates relief of up to £55,000 per annum for five years.

All units benefit from MEPC’s investment in new gas to site, 21MVA of power and pure fibre broadband.

The units, built to ‘shell and core’ standard, will include:
• Prominent parking areas
• Smart arrival entrance leading to a reception area with toilets and stairs, in turn leading to first floor offices
• Offices fitted to CAT A standard construction, therefore including raised access floors, floor boxes, lighting and heating/cooling

A new spine road will also be constructed at the same time as the new buildings. This new road will open up remaining land within the Enterprise Zone which is ready for development.

The construction phase is due to start in September 2019 and complete in early summer 2020.

Additionally, MEPC has planning consent and detailed design for a further 120,000 sq ft including four large detached units all in prominent locations along the Dadford Road, opposite the Silverstone Circuit’s Wing building and new five-star Hilton Hotel.

CLICK HERE for more details of Silverstone Park’s latest development.

MEPC’s Roz Bird, Commercial Director at Silverstone Park, commented: “We continue to carry out extensive research in to the needs and aspirations of companies that need to be located in the Silverstone Technology Cluster and this feeds in to our investment strategy and the development of Silverstone Park.

“In the last 36 months many new companies have moved to Silverstone Park, attracted by the world class address, central location to attract talent from Milton Keynes, Northampton, Bicester, Buckingham and surrounding villages and towns, access via the A43 dual carriageway, linking to the M1 and M40, and, most importantly, the sense of community that we have created at Silverstone Park which is providing considerable added value for companies based here.

“This latest development is the first under MEPC’s new outline consent and will take Silverstone Park to the next level in terms of range of units and the number of companies and people joining the Silverstone Park business community.”

Carter Jonas’s Jon Silversides said: “We are looking forward to getting stuck in to the next stage of development at Silverstone Park which we feel will be a ‘game changer’ in terms of the perception of the commercial offering.

“Set against a background of acute shortage of stock in the region, Silverstone Park offers key differentiators in terms of address, quality of product, the Silverstone Technology Cluster and rates saving through Enterprise Zone status.”

DTRE’s Jamie Catherall added: “The latest phase of development is our largest and most significant to date. We will be providing world class units for all occupiers, local to international, and can’t wait to get a spade in the ground and deliver the product.”