Medway CourtCranfield Technology Park new development enables firms to expand

Medway Court, which provides a further 38,000 sq ft (3,530 sq m) of business space has recently been completed on Cranfield Technology Park, which St Modwen is developing in conjunction with landowner Cranfield University.

This phase of the development comprises a two-storey office building of about 15,000 sq ft (1,393 sq m) and four business units totalling 23,000 sq ft (2,137 sq m).

The new buildings will help to satisfy the increasing demand for accommodation from knowledge-based businesses in this well-established hi-tech environment. More than 40 companies employing over 500 people now operate from the technology park located close to Junction 13 and 14 of the M1.

Two companies, Ideapharma and Cognisco , have expanded into the new accommodation. They are both relocating from existing space on the park and have each taken 4,840 sq ft (450 sqm) in Conway House. The remaining two suites of 2,865 sq ft (266 sq m) each in Conway House are available to let.

Robin Vaughan, of St Modwen, said: ³The latest development phase continues our ethos of enabling existing occupiers located on the park to expand into larger premises as they grow their businesses. We are also attracting new companies into the technology park community from the local and national market.

³This phase was built speculatively in a competitive local market and shows our confidence in Cranfield Technology Park as a central location for hi-tech businesses, creating and utilising synergies with the university academic campus.²

A masterplan is currently under development for future ohases that will continue to expand the scheme and consolidate its position as a leading location for innovative businesses. Planning permission already exists for a 31,000 sq ft (2,880 sq m) three-storey building adjacent to the latest phases, capable of single or multiple occupancy. Delivery of the building is expected to commence during 2008.

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Notes to Editor:

1. Cranfield University is one of Europe¹s leading centres for applied research, development and design. The university is well-known for its links with industry and commerce.

2. The Technology Park was first established in the mid-1990s, when it became home to Nissan¹s European Technical Centre.

3. The Technology Park provides a range of accommodation to suit businesses at various stages of their growth cycle, from incubator units on flexible leases in an Innovation Centre, to larger office suites or buildings.

For further information contact Robin Vaughan of St Modwen

(0207299 5666). Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).