There appear to be encouraging signs for economic development locally in Milton Keynes. Some large companies that have relocated to Milton Keynes recently include; BSI to Knowlhill, British Waterways to Station House and Countrywide estate agents to Caldecote Lake. The most exciting news for Mk is that Network Rail will be relocating approximately 3000 staff to take occupation of their new 300,000sq ft premises on the site of the old National Hockey stadium early next year.
Ideally located midway between London and Birmingham; Oxford and Cambridge, Milton Keynes is one of the UK’s most accessible and fastest growing cities. 20 million people live within a 1 hour 30 minute drive time and population has grown from 40,000 in 1967 to 240,990 in 2010, making Milton Keynes one of the fastest growing cities in the UK. Milton Keynes population is projected to grow to 276,880 people by 2019. This is an increase of 35,890 from 2010 (a 15% increase).
Whilst the government’s budget in March gave very little relief to property developers this has not deterred the development of large housing estates in MK and as quickly as they are building they are selling the housing stock. A quick visit to enquire about houses for sale at the new estate offices of Oakgrove, Brooklands, Tattenhoe Park and Boughton Gate would soon make you realise just how popular MK is. Surrounding villages and houses are also showing an upturn in sales and rental prices remain high.
The main shopping centre of Central Milton Keynes and the easy commuting distances and lack of traffic jams and plentiful parking is a major attraction to people that locates in MK. If you take a walk around the 2 mile circuit of the main shopping centre you would struggle to find any spare retail space available and the entertainment on offer at the Xscape building with its Multiplex cinema and snowdome and bars, clubs and restaurants at the Hub remain extremely busy throughout the year.
We believe that occupier demand remains low in a local economy that is showing signs of improvement (falling unemployment, static house prices and growing demand for new build houses). This may be due primarily to constrained finances, an unwillingness to lend from the banks and heavy dilapidation costs being forced on companies that may like the look of new offices such as our ground floor space available at Partis House in Knowlhill, Milton Keynes but cannot afford to take the risk.
Milton Keynes proves to be one of the most expensive areas of the country to build as there are additional planning constraints such as the D2 local planning policy to consider and we must also take into account additional fees such as BREEAM costs, Co2 charges, Empty Building Rates and SPD charges. Equally when we have completed all our brand new developments built to the highest standards in an attempt to attract clients prepared to pay a premium we are finding it tough to compete with older stock office space that has been refurbished to very high standards and where clients are being offered extremely reasonable terms.
We currently have ground floor office space available at Partis House, Knowlhill Milton Keynes on very flexible leasehold terms. If you require further details of how this ground floor space can be subdivided or leased please do not hesitate to get in contact direct or speak to one of our agents