St Modwen complete £4million expansion at Cranfield Technology Park

A £4 million expansion of Cranfield Technology Park, which comprised the extension of the Innovation Centre and construction of a second 1,858 sq m (20,000 sq ft) high-tech building, has been successfully completed by St Modwen Developments Ltd, the development subsidiary of St Modwen Properties PLC, and is attracting numerous new companies.

The Innovation Centre, which St Modwen acquired from Mid-Bedfordshire District Council, has been extended from 1,393 sq m (15,000 sq ft) to 3,437 sq m (37,000 sq ft), offering short term flexible space for new businesses.A number of existing occupiers have taken enlarged accommodation while new occupiers have already taken the existing space they vacated. As part of the same project, St Modwen also developed Derwent House, a 1,858 sq m (20,000 sq ft) building, which like the first high-tech building, Trent House, offers medium term space for knowledge-based occupiers. The first occupier, the National College of School Leadership which aims to

improve England’s schools by developing and supporting world class school leaders, initially took 323 sq m (3,474 sq ft) and is planning in the New Year to extend to 557 sq m (6,000 sq ft)., and take a further 186 sq m (2,000 sq ft) in the building later in 2003.

Dean Johnson, corporate support and operations manager for the college, said: “We started up with five people, have now expanded to 35 and in January will take on another 20 staff. We expect a further increase next September.”

Existing occupiers of the Innovation Centre which have expanded into the extension are NetSquared Ltd, Specialist Microwaves Solutions and Teletec. New occupiers include TREC (The Resort Education Company), Hunter Roberts, Seravision, Twisted Pixel, Adicia and Kinetic Solutions. Space remains available in both the enlarged Innovations Centre and Derwent House.

Nick Kay of St Modwen, said: “It’s a highly successful venture. There are a good number of firms either wanting to expand within the park or to start up businesses here, which is an extremely encouraging trend. We now have a complex of some 6,967 sq m (75,000 sq ft) of accommodation for knowledge-based industries.”

The 40.4 hectare park which St Modwen is developing in conjunction with Cranfield University, is also to feature bepoke buildings from 743 sq m (8,000 sq ft) to 18,580 sqm (200,000 sq ft) for companies requiring long term occupancy and which have a synergy with the postgraduate university which specialises in technology and management.

Lambert Smith Hampton of Milton Keynes is letting agent.

For further information contact Nick Kay of St Modwen on 0121-456-2800.

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