Joint venture deal agreed to expand landmark technology park
Engineering consultancy HORIBA MIRA has signed a joint venture agreement with a private equity investor for it to be the exclusive developer of the next phase of MIRA Technology Park (MTP) in Nuneaton.
MTP currently extends to more than 850 acres and provides employment to over 1,000 skilled engineers.
Evans Randall Investors will now oversee the next phase of development at MTP, which will see it expand across two neighbouring sites located either side of the A5.
The project will deliver up to 4m sq ft of new space with a total GDV of up to £500m, encompassing R&D, office and industrial facilities.
Evans Randall Investors will work alongside Swanvale Developments to deliver the scheme.
Tim Nathan, managing director of MTP, said: “The automotive sector is at the beginning of profound technical and commercial change and MTP’s new association with Evans Randall Investors will enable us to capitalise on the market opportunities this revolution presents. This new partnership brings together our 75 years of automotive know-how reconfigured to support exciting next-generation automotive businesses alongside the capabilities of Evans Randall Investors to match this sector expertise with property solutions. Together we will enable the cluster at MTP to flourish and grow its stature as the pre-eminent location for the future of mobility in Europe.”
Ned Williams, managing director of Evans Randall Investors, said: “Our partnership with HORIBA MIRA presents an exceptional opportunity to deliver a significant R&D development that will have a positive impact on the West Midlands, the UK and beyond. MIRA Technology Park will continue to be the destination of choice for automotive R&D and we are confident that the scale, cluster and flexibility of use and accommodation will be attractive to the wider occupier market.
“This joint venture is also a key step in our strategy to explore sustainability-focussed investment and development opportunities across the UK.”
