Evans Randall pushes on at MIRA Tech Park

Backed by ICG, the investor has acquired a further 40 acres as it looks to complete the £500m north site masterplan at Warwickshire’s automotive R&D hub.

Evans Randall Investors said that this deal brings the north site to over 1m sq ft as it continues to expand Europe’s largest automotive R&D hub.

Around 35 companies in the sector have a base at MIRA. Australian firm Doftek, a wheel alignment specialist, was the latest to commit to the park in November.

Evans Randall said that its acquisition forms part of the firm’s joint venture with global engineering and automotive testing giant HORIBA MIRA to deliver up to 4m sq ft of new R&D, office and industrial space supporting the future of mobility and innovation.

Under the terms of the partners’ deal, agreed in 2021, Evans Randall is essentially the exclusive developer of property at MIRA Tech Park.

At that time, the park extended to 850 acres, with more than 1,000 engineer employed on site. The intention has always been to expand out from the site, on both sides of the A5.

The firm added that with companies such as Warwick Acoustics and 3M committing to long-term leases, and planning permission recently granted for what would become the largest single facility on-site – schemes of up to 100,000 sq ft can now be accommodated – MIRA Tech Park continues to go from strength to strength.

Ned Williams, managing director of Evans Randall Investors, said: “This land acquisition is the final piece of the puzzle, allowing us to deliver the North Site masterplan.

“MIRA Tech Park has strong momentum, with a substantial number of pre-lets on new facilities driven by the scale of demand for space within the park. This is first and foremost a reflection of the quality of the units and the second-to-none engineering talent pool on site.

“We are proud to be working alongside HORIBA MIRA to realise the full potential of MTP as a national centre of excellence for technology, R&D and advanced manufacturing.”

Aerial of the site as it stands. Credit: via ING

MTP holds national significance, with key sectors such as defence an wider advanced manufacturing involved along with automotive. In June, Prime Minister Sir Keir Starmer selected MTP as the venue to launch the UK’s new industrial strategy.

Tim Nathan, chief operating officer of HORIBA MIRA, said: “This acquisition is a significant step forward in the continued evolution of MIRA Tech Park. Working alongside Evans Randall Investors, we’re delivering on a shared vision to create a campus that accelerates innovation and supports the future of mobility and clean tech technologies.”

Jai Patel, co-head of real estate debt at ICG, said: “We are pleased to grow our established relationship and funding partnership with Evans Randall and HORIBA MIRA as they build on their success with further expansion and future phases at Mira Technology Park.

“In line with our strategy of backing leading real estate owners and managers, we look forward to contributing to the delivery of new sustainability-driven assets across this pioneering innovation and technology park.”