Volkswagen Financial Services in the UK (VWFS) via UK & European Investments has exchanged contracts for the construction of a new 100,000 sqft Headquarters office development in Milton Keynes.

Planning permission for the redevelopment in Tongwell, Milton Keynes was secured in October 2012 and will see the demolition of the existing warehouse building to be replaced with a brand new high-specification office building for the sole use of VWFS.

Barnaby Kelham, Head of UK & European Investments, said: "We have owned this site for many years and are delighted to now welcome Volkswagen Financial Services to Delaware Drive. This important regional redevelopment scheme will provide high quality office space in what will become a significant landmark building in Milton Keynes."

The development will provide 100,000 sqft over four floors and, in addition to office space, will include a staff car park, a restaurant and coffee shop for staff, a large area of external green space, flexible working spaces, a theatre style conference centre, and bike storage.