12 Apr PLATFORM_ acquires a central Milton Keynes site for Build-to-Rent led mixed-use development
PLATFORM_, the Build-To-Rent (“BTR”) investor, developer and operator, has acquired a site in the centre of Milton Keynes for a future BTR and office redevelopment. This takes the gross development value (GDV) of PLATFORM_’s development pipeline to over £1 billion.
Milton Keynes has a total population of 230,000 and is one of the fastest growing towns in the South East. Home to thousands of national and international businesses and sitting in the Oxford to Cambridge Innovation Arc, Milton Keynes ranks as one of the top ten places in the UK for research and innovation.
The PLATFORM_ site is located on Midsummer Boulevard next to Milton Keynes Central Station, just 30 minutes from London by train. PLATFORM_ will submit a full planning application later this year for a combination of BTR apartments and new-build Grade A offices with a targeted BREEAM rating of ‘excellent’. The completed development is expected to have a GDV of c. £100 million.
This is the 12th BTR project for PLATFORM_ as it continues its expansion targeting Greater London and key regional towns and cities across the UK. This acquisition takes its operational and secured development pipeline to over 3,750 units with a completed value over £1 billion.
PLATFORM_ currently operates a portfolio of five BTR sites, held in a Joint Venture with Invesco Real Estate. It is currently developing an additional 1,000+ BTR apartments in Cardiff, Sheffield and Glasgow. Other projects include 464 BTR apartments in Edinburgh and a large 8-acre site in Leeds earmarked for over 1 million sq. ft of BTR and private sale residential, and offices.
Stewart Knight, PLATFORM_’s Acquisitions Director, said,
“We are delighted to have secured this site in Milton Keynes, where we intend to deliver high quality BTR and offices in the heart of the Oxford to Cambridge Innovation Arc.
“This is another example of our flexible approach to extending our BTR development portfolio, with mixed use opportunities very much on our agenda.”