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Central Milton Keynes Investment Opportunities in the Heart of a Success Story Part One Context

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Central Milton Keynes Investment Opportunities in the Heart of a Success Story Part One Context central milton keynes investment opportunities in the heart of a success story part one context Amazing MK – A Growth City 500K ‘Different by Design’ Milton Keynes was established over 50 years ago. Its population is increasing: 400K home to 267,500 people today, the aim is to expand to 500,000 – Milton Keynes, today a city that’s bigger than Edinburgh, Cardiff or Liverpool. 300K Located in the heart of a strong growth region The new east west routes will work as well as the existing north south transport networks which has But that’s only part of Milton Keynes’ The National Infrastructure Commission describes underpinned Milton Keynes’ prosperity in the past. remarkable story. Milton Keynes is one of the the Cambridge - Milton Keynes - Oxford arc of cities as the UK’s silicon valley, an area of national fastest growing economies in the UK, producing Government also published a visioning document £11.24bn of Gross Value Added (GVA) in 2015 and international importance with exceptional 200K “Helping the Cambridge Milton Keynes and growth potential. and £12.14bn of GVA in 2016. Milton Keynes Oxford corridor reach its potential”. This set had the highest percentage growth in jobs It recognises that each of the three cities is very out its ambition to work with authorities on (29.19%) of any city between 2010 and 2016. successful in its own right. Each acts as an housing and growth deals in 2018. These would Of the 182, 800 jobs identified in 2016, 158,493 employment hub locally, has national, international provide funding and flexibilities for the homes, were in the private sector and 24,308 in the 100K and global potential and needs an infrastructure jobs and infrastructure to support the long-term public sector. This is a resilient local economy, to match. Government has accepted that advice. development of the cities. This means that spanning retail and education, IT, consultancy The Autumn Budget 2017 contained proposals to Milton Keynes, will be at the heart of a large, and financial services, and with a fast growing invest in completing the East West Rail Route and expanding, highly skilled sub regional labour concentration of knowledge intensive businesses. the Oxford-Cambridge Expressway. market, strengthening its competitive advantage. 04 05 With a strong city centre River Island eating out at a range of restaurants CMK is the engine that drives the growth across and visiting Xscape and the 12th Street. The office vacancy rate has been consistently relatively affordable city compared to London the whole city. It is home to the highest proportion That’s not just our view: of large companies in the region with more than low at around 8%. There is evidence of strong Oxford and Cambridge. All will be in easy Analysis from CACI puts Milton demand for office accommodation across reach when the new infrastructure is complete. 1,600 businesses, employing growth sector businesses in CMK and it is Keynes top of ‘the 2016 Hot 100 And with big ambitions for its future over 41,000 people achieving estimated that this demand will be sustained. for Retail and Leisure’. Milton Keynes thinks big. We established the 25% higher productivity than And more people are choosing to live This is due to the size of the catchment area, Milton Keynes Futures 2050 Commission to in CMK. the national average. expected population growth and the headroom identify how to sustain strong inclusive growth, The retail market in CMK has historically for potential new retail and leisure space. Its population has increased by and in 2016 started work on making the Six Big performed well and is one of the most successful 79% since 2002 – an annual Projects the Commission recommended real. An independent assessment of the relative town centre locations in the country. It serves a One of those Big Projects, Renaissance CMK, performances of city centres conducted by the growth rate of 4.6%. catchment area of approximately 1.4 million sets out a programme designed to create an Centre for Cities and Capita identified CMK as Over half of those residents live in rental people within a 45-minute drive time. Over 30 even stronger town centre fit for the challenges a strong city centre. It said it had the right mix properties and demand is strong for more city million visitors a year come here. of the mid 21st century and able to capitalise of retail, leisure, and office based exporting centre accommodation. It is estimated that there on its position at the heart of the Cambridge - People value the opportunity to combine retail businesses’ (those whose products have a local, will be demand for flats for sale and rent and Milton Keynes - Oxford Arc. and leisure trips to the city – visiting shopping national and international market) to continue student accommodation. As well as strong local malls hosting everyone from John Lewis to to grow. employment led demand, Milton Keynes is a 06 07 part two the principles Our ongoing approach to the Renaissance of CMK embodies 3 key areas of focus Innovation - In Development and Design Vibrant - The “Feel Good” Factor Partnerships with the new university to develop Investments in ambitious denser and taller Investment will facilitate improving skills and and retain a highly skilled workforce developments will be sought that reflect MK’s helping local people to enjoy healthier, Shared spaces for creative artists and tech heritage of innovation in design and technology. more active lives. Buildings will facilitate enterprises to foster collaboration Buildings will respect Milton Keynes’ founding access to a variety of lifestyle and cultural Emerging transport technologies built principles whilst delivering and adding to the experiences. This will produce a vibrant city into developments 21st century cityscape. centre that encourages participation, builds a strong community spirit and helps reduce Pioneering new homes that meet the needs of a social isolation. demographically diverse population These areas of focus will be brought to life in the A rich mix of retailers that reflect the evolution Success - Sense of Achievements modern features of a new Central Milton Keynes of the High Street experience and combines Investment should generate new opportunities. by adopting the following principles: with residential and office developments New projects need to actively contribute to an enhanced city centre landscape where Striking and flexible commercial developments New destination spaces inspired by the city’s users will dwell and enjoy the Milton Keynes that stimulate evolving economic activity unique heritage experience both in terms of sense of arrival A global centre for innovation & knowledge- Cultural and entertainment activity to enrich and belonging. based industries to attract young talent visitors’ leisure experience 08 09 part three we’re on our way Major investors are already active in CMK, make this the tallest building in the city at more building high quality office, leisure, retail and than 30 storeys high and feature 250,000 sq. ft. housing developments. There are many projects of offices and 200 apartments, between two at various stages of progression which are glass towers, above a piazza of shops, cafés delivering the Renaissance. and restaurants. Working in Central Milton Keynes Living In Central Milton Keynes Victoria House Frontier Estates have A build-to-rent private rented sector development developed a 45,000 sq ft, five-storey office owned by Residential landlord Grainger is 50% pre let to Grant Thornton, overlooking currently under construction on the site of the the nearby Grafton Park, Milton Keynes. former job centre. This scheme will provide c139 units with completion due early in 2019. 100 Avebury Boulevard 100 Avebury Boulevard is set to become Central Milton Keynes The YMCA is to redevelop its CMK site creating a Newest Grade A office and. This sustainable new purpose designed eight-storey building. The and low energy BREEAM accredited building new development will provide accommodation will provide 140,000 sqft of contemporary office for 196 residents, 50 more than at present, space on 8 floors with Retail space and has its own together with improved training and meeting multi-storey car park attached. First occupants are rooms for the delivery of its engagement, support expected to be in place by the late summer of 2019. and learning programme, and a number of units for social enterprises that will provide New City Place, a partnership New City Place work experience, training and employment project between Milton Keynes Development opportunities for residents. Partnership and Sterling Property Ventures, is 100 Avery Boulevard designed to provide class-leading office and living space within CMK. Current proposals would 010 011 Campbell Wharf Development A planning application has been submitted for a northern edge of Campbell Park. It will provide residential scheme on the former garden centre site, a high quality, high-density urban scheme consisting of 328 residential units along with around comprising around 1,500 private and affordable 12,000 sq ft of supporting commercial units. homes, a local centre with food and beverage outlets, and a hotel with associated facilities and Campbell Park, will provide scope for office/employment accommodation. development to compliment CMK including such Hotel La Tour as Campbell Wharf, which is currently under Our strong cultural and leisure offer construction. The site will provide Our overarching ambition is to position Otium Real Estate finished a major refurbishment Hotel La Tour will help redefine the skyline. Milton Keynes internationally as a Designed City 383 new homes, of which 115 of the 12th Street leisure district in summer 2017 It will include a rooftop public viewing area and on a scale unique across the UK and Europe. providing 19 restaurants, bars and ancillary art installation, enriching CMK’s cultural offering.
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