Private equity investor and developer Evans Randall Investors has signed a joint venture agreement with UK vehicle engineering firm Horiba Mira to become the exclusive developer for the £500 mln (€580 mln) Mira Technology Park.
Located in the heart of the UK’s Midlands automotive sector, the park currently extends to over 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 4million sq ft of new space with a total GDV of up to £500 mln (€580 mln), encompassing R&D, office and industrial facilities.
Evans Randall Investors will lead the park’s expansion, solidifying its status as Europe’s largest automotive R&D cluster as well as broadening MTP’s position to attract businesses across the technology, advanced manufacturing and engineering sectors. The team will work alongside local development manager, Swanvale Developments, to deliver the scheme.
‘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,’ said Ned Williams, managing director of Evans Randall Investors. ‘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.’