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First Base and Patron Capital to advance £190m for mixed-use scheme in Milton Keynes

First Base and Patron Capital are acquiring a landmark site in Milton Keynes for a mixed use scheme - including Build to Rent apartments.

Mixed-use developer – First Base – and pan-European institutional real estate investor – Patron Capital – are acquiring Saxon Court, a landmark site in Milton Keynes. The site will be developed to create a new mix of Build-to-Rent homes, flexible workspace, a Grade A office and retail and community spaces in the heart of the city. 

“The redevelopment of Saxon Court will be our second partnership with First Base, who share our ethos of creating dynamic mixed-use places that revitalise city and town centres and support local communities. 

“We are well advanced at Edward Street Quarter, Brighton’s largest commercial scheme for 25 years, and look forward to working with First Base to deliver on this exciting vision for Saxon Court.”

Kevin Cooke, Senior Partner, Patron Capital

Built in 1980, Saxon Court is a first-generation office building previously home to Milton Keynes council – and comprised of workspace over three floors. The building sits on a 2.35-acre site in central Milton Keynes, and is less than 10 minutes from Milton Keynes rail station and close to a host of retail and leisure amenities.

First Base and Patron Capital will begin detailed consultation with local stakeholders to develop plans for a dynamic mixed-use scheme – to include over 250 Build to Rent apartments, approx. 185,000 sq ft Grade A workspace and co-work provision, modern retail and a new public space for cultural and community use. The scheme will also be designed to support Milton Keynes’ target to be a net-zero carbon city by 2030. 

“This is an exciting opportunity to create a new mixed-use district in the heart of one of the UK’s fastest growing cities.

“Covid-19 is accelerating the shift away from the traditional corporate headquarters to a more agile ‘hub and spoke’ model, with talent more dispersed across regional cities. Our redevelopment of Saxon Court will deliver a mix of coworking and modern workspace for corporate occupiers and remote workers, set within a new mixed-use neighbourhood of Build to Rent apartments, retail and community spaces.

“Innovation is part of Milton Keynes heritage, and we will embed technology throughout to ensure Saxon Court is sustainable and future-proof, in keeping with the wider vision for the city centre.

“We look forward to working with Milton Keynes council and the local community to develop our plans.”

Barry Jessup, Director, First Base

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