Mixed-use developer First Base and Patron Capital, the pan-European institutional real estate investor is acquiring Saxon Court to create a mix of workspace, homes and community spaces.
Built in 1980, Saxon Court will be retained and repurposed to deliver high quality workspace for small, medium and large businesses alongside local convenience retail and a new public space for cultural and community use. The adjacent land will deliver homes for individuals and families, already living in or new to Milton Keynes.
Local people and businesses will be able to have their say about the plans in consultations which will start in the coming weeks.
First Base and Patron Capital have exchanged on the purchase of MK Council’s former offices at Saxon Court. While subject to planning approval, the sale forms part of the MK Council’s £2bn COVID-19 recovery plan to transform the site into a tech and innovation hub with high quality new homes.
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. Our investment will bring nearly £200million into the Milton Keynes economy and we very much look forward to working with the Council and the local community to develop our plans.”
Kevin Cooke, Senior Partner, Patron Capital, said: “The redevelopment of Saxon Court will be our second partnership with First Base, who share our ethos of creating dynamic mixed-use places that revitalise city and town centres and support local communities.
Leader of MK Council, Cllr Pete Marland said: “The sale of Saxon Court will pave the way for a £200m investment in MK. 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 MK recover economically from Covid-19.
“We look forward to reviewing the proposals that First Base put forward and listening to local people’s views.”