A NEW £56million shopping park in Bletchley called MK1 should be completed by next autumn.
The new retail warehouse development near stadium:mk will comprise 117,500 sq-ft split into seven units, with 600 car parking spaces.
MK1 Shopping Park will be developed by Inter MK Ltd, the company behind the Dons’ stadium, IKEA and Asda superstore.
It will be paid for by The Crown Estates, the business set up to maximise the potential of crown assets. Profits go to the Treasury.
The development is expected to yield a 5.45 per cent initial return for the public coffers.
Big name retailers have already signed up to the landmark scheme, including Marks and Spencer, Primark, Arcadia and River Island. Others are in talks.
The Crown Estates’ James Cooksey, said it ‘will create one the best retail parks in the country’.
Pete Winkelman, chairman of the InterMK Group, said: “The Shopping Park will be the go-to venue outside the city centre and offers a fantastic alternative, including retailers new to the city, for the people of Milton Keynes.”
The plans include an extra 10,000 seats on an upper tier at the stadium, taking capacity up to 32,000.
Construction work on both the retail unit and the stadium will be undertaken by Buckingham Group Contracting, based in Silverstone Road, Stowe.
MK Dons club partner City Renovations, in Bond Avenue, Bletchley, will fit out the upper bowl.
Milton Keynes Council said it will bring a significant number of jobs into Milton Keynes.