Real estate services

Tender description

Milton Keynes Development Partnership (MKDP) has entered into an agreement for lease to dispose of Site D4.1, 502 Avebury Boulevard, Milton Keynes to MK Gateway Ltd. This is linked to the disposal of an adjoining property known as Saxon Court by Milton Keynes Council to MK Gateway Ltd. The disposal will be conditional on the grant of a satisfactory planning permission for the development. On the grant of satisfactory planning permission MKDP will grant a building lease to MK Gateway Ltd. On the satisfactory completion of the development MKDP will grant an investment lease for a term of 999 years to MK Gateway Ltd. Milton Keynes Development Partnership (MKDP) intends to dispose by way of a long lease a property known as Site D4.1, 502 Avebury Boulevard, Milton Keynes to MK Gateway Ltd. The disposal is linked to the intended disposal of an adjoining property known as Saxon Court, Avebury, Boulevard by Milton Keynes Council also to MK Gateway Limited to enable one comprehensive development to take place. The disposal will be conditional on the grant of a satisfactory planning permission for the construction of a mixed use development scheme comprising not less than 450 000 ft2 (Gross Internal Area) of development (including refurbishment of existing buildings) and including commercial, residential, retail and leisure elements. Development to Saxon Court will include offices, flexible work space, co-work space, auditorium for community use and A1, A2, A3, D1 and D2 uses. The remaining part of the scheme will include new residential buildings and A1, A2, A3, B1, D1 and D2 uses. On the grant of satisfactory planning permission MKDP will grant a building lease for a term of 40 years to MK Gateway Ltd. The building lease requires MK Gateway Ltd to carry out the development in accordance with the planning permission granted for the scheme. On the satisfactory completion of the development MKDP will grant an investment lease to MK Gateway Ltd for a term of 999 years.