Figures from the council’s own budget reports and cabinet papers show over £2.9 million in costs and lost income on the vacant Saxon Court site — as delays to the development continue.
Saxon Court, a vacant building in the centre of Milton Keynes, has already cost residents over £ 2.9 million in lost income and holding costs, according to figures drawn from Milton Keynes City Council’s own budget reports and cabinet papers.
The building has remained empty for several years. Despite repeated extensions granted to the developer, development is yet to take place.
The £2.9 million figure comprises three elements identified in council documents:
• Over £1.1 million paid by the council in business rates on the unoccupied building since 2023 and this year for 26/27 with the increase in business rates this figure will continue to grow even more.
• Approximately £1.6 million in interest foregone by the council and Milton Keynes Development Partnership following a decision to allow the developer to delay payment for the site
• Approximately £12,500 per month (£150,000 per annum) in security costs for the vacant building
Councillor Shazna Muzammil, Leader of the Conservative Group, Milton Keynes City Council said
“While our roads crumble, our underpasses flood and council tax bill keeps rising — the Labour council, backed by the Liberal Democrats, has been quietly haemorrhaging millions on an empty building in the heart of Milton Keynes.
Saxon Court has already cost Milton Keynes around £2.9 million in lost income and holding costs while the site still sits empty. When millions of pounds are being lost like this, residents are right to question whether public money is being managed competently. This is money that could have gone towards fixing potholes, maintaining our streets, improving lighting and tackling flooding in our underpasses, rather than residents being told there is no money and council tax needs to keep rising.
Residents work hard for their money and expect the council to manage public finances responsibly.”
Council papers also indicate that proposed changes to the development mean no affordable housing provision on site, and developer contributions under Section 106 agreements have been reduced. This decrease lowers funding for local infrastructure such as healthcare facilities and community services.
Cllr Muzammil finished “Milton Keynes deserves regeneration and investment, but it must be managed responsibly. The Labour administration, backed by the Liberal Democrats, are driving these decisions but at the end of the day, it’s our residents through no fault of their own who will end up having to pay for all of this financial mismanagement”
