First Base has acquired Saxon Court in Milton Keynes, a landmark office building with adjacent development site. Funded by Patron Capital, the pan-European institutional real estate investor, First Base is planning to create a new Grade A office hub with flexible workspace, Build-to-Rent homes, retail and community spaces in the heart of the city.
Built in 1980, Saxon Court is a first-generation office building previously occupied by Milton Keynes Council, comprising of workspace over three floors. The building sits on a 2.35-acre site in central Milton Keynes, less than 10 minutes from the railway station and close to a host of retail and leisure amenities.
The project team will begin detailed consultation with local stakeholders to develop plans for a dynamic mixed-use scheme comprising approx. 185,000 sq ft Grade A workspace and co-working provision, over 250 Build-to-Rent apartments, modern retail and a new public space for cultural and community use.
The scheme will be designed to support Milton Keynes’ target to be a net-zero carbon city by 2030.
Barry Jessup, Director, First Base said:
“This is an exciting opportunity to create a new mixed-use district in the heart of one of the UK’s fastest growing cities.
“Covid-19 is accelerating the shift away from the traditional corporate headquarters to a more agile ‘hub and spoke’ model, with talent more dispersed across regional cities. Our redevelopment of Saxon Court will deliver a mix of coworking and modern workspace for corporate occupiers and remote workers, set within a new mixed-use neighbourhood of Build-to-Rent apartments, retail and community spaces.
“Innovation is part of Milton Keynes heritage, and we will embed technology throughout to ensure Saxon Court is sustainable and future-proof, in keeping with the wider vision for the city centre.
“We look forward to working with Milton Keynes council and the local community to develop our plans.”
Katherine Ilett, Associate, Bidwells Capital Markets said:
“It’s been a pleasure working with First Base on this acquisition. The team have a clear vision for the scheme as a gateway to Milton Keynes - a place to live, work and collaborate, whilst being environmentally sustainable. Together with the new MK University, focussed on curriculum for the digital economy, this scheme will help foster entrepreneurship and innovation at the heart of the Cambridge - MK - Oxford knowledge arc.”
Bidwells’ planning team will also be assisting First Base in submitting its application for the scheme.