MK Community Foundation has purchased Midsummer House in Central Milton Keynes to provide more space for a waiting list of organisations.
The grant-making foundation, based in the 60,000 sq-ft Acorn House in Midsummer Boulevard, has doubled the floorspace it can rent out to groups and small, growing companies.
Fola Komolafe, who chairs the MK Community Foundation, said: “Acorn House, which is also owned by the Community Foundation, has proved hugely popular, providing a range of services for the local voluntary and community sector.
“Our success is manifest in the fact that we have a constant waiting list of organisations wishing to move into the building. This strategic decision to purchase Midsummer House will enable us to provide continuous long term support to our sector. We know times are tough and now more than ever the voluntary sector in Milton Keynes needs this increased support”
Current voluntary sector tenants of Acorn House are able to apply for subsidised rents and the purchase of Midsummer House will enable the foundation to extend this support to other organisations. The building will also offer conference and meeting facilities and incubator units for small and start up businesses.
Bankers at Handelsbanken provided a loan the the foundation for a currently undisclosed amount. The foundation’s buildings are managed by property agents Hornbeam and there is a waiting list for Acorn House.
Some current tenants of Midsummer house may be asked to move to alternative spaces in the property but the foundations says it is “not our intention to evict tenants who are currently paying their rent in Midsummer House”.
The foundation says there are no immediate plans to change the name of Midsummer House. But in the long term it plans to review the name so it more closely reflects The MK Community Foundation brand and values.