MEPC, the manager and developer of leading business and science park, Milton Park in Oxfordshire, has agreed a significantly increased letting to augmented reality (AR) company, WaveOptics at the park’s new development – Park Drive East. The announcement marks the first letting since the Park Drive East development practically completed earlier this year which is in the Science Vale Enterprise Zone.
The move follows a period of sustained growth for WaveOptics. As a result of its success, WaveOptics will expand its presence by more than 250 per cent since it first moved to Milton Park
When it moves to new premises at 141 Park Drive East, the firm will take 14,070 sq ft across the top floor of the building.
WaveOptics designs and manufactures waveguides – the key optical component for AR glasses. The technology is designed for all immersive AR experiences across Industrial, Enterprise and Consumer markets. It has deep technology expertise with know-how in optical systems, optical design, imaging, illumination and integration into other parts of AR systems.
The company has been located at Milton Park’s Innovation Centre since 2016.
WaveOptics marks the first occupier arrival following the building launch event for Park Drive East, which took place in May to conclude the construction phase of the £24 million development. With 143 Park Drive East already fully let to Oxford University spin out Oxford Immunotec, Grade A office space and hi-tech laboratory facilities are still available at 141 and 142 Park Drive East.
David Hayes, WaveOptics CEO said: “As we rapidly develop and grow our international business and take on more people at our headquarters, Milton Park provides us with specific building needs, as well as minimising the logistics and upheaval of moving offices.’’
Philip Campbell, Commercial Director for MEPC at Milton Park, added: “We’re so pleased WaveOptics has chosen to expand into our new Park Drive East development.
“At Milton Park we are uniquely placed to help companies to scale up to meet their business growth needs. And having started in a small space in our Innovation Centre, WaveOptics is another great example. There is now so much amazing technology being developed across Milton Park and WaveOptics is no exception.”
The letting agents for Park Drive East are Knight Frank and VSL & Partners.