Cheltenham approves £95m funding for Golden Valley Cyber site

The Golden Valley Development will create more thousands of new homes as well as new business units

A major cyber development will receive £95m of funding to complete the first phase of the project.

Cheltenham Borough Council has approved funding for the Golden Valley Development - the biggest project the council has undertaken.

The development will be built on land next to GCHQ and is expected to create 12,000 new jobs and 3,700 houses.

It is hoped that development will cement Cheltenham's position as the UK's cyber capital.

A planning application is due to be submitted in the next few weeks and the project could take between 10 and 15 years to deliver.

The Golden Valley Cyber development will have an Innovation Centre for learning

Councillors voted on Thursday night to set aside a funding envelope of up to £95m for the project.

This will go towards designing and developing the National Cyber Innovation Centre and the Mobility Hub.

The innovation centre will be a centre for learning which various businesses, schools and universities can rent out for education and training purposes.

It is hoped the Golden Valley Development will supercharge growth, opportunity and answer the challenge of the new and undefined threats that the UK faces.

The authority purchased 45 hectares of land at Golden Valley and subsequently entered into a development agreement with HBC X Factory (HBDXF) - a joint venture between British property development business Henry Boot PLC and international tech campus developer Factory.

Financial opportunities

Civic leaders say the project also provides a significant financial opportunity to support the council's finances in the coming years.

This will be in a number of ways including short-term surplus from developing the land which could provide a capital injection over the next five to ten years as the project evolves.

As well as revenue generation from planning and development management fee which help support existing public services provided in the town.

Cyber, regeneration and commercial income cabinet member Mike Collins said the National Cyber Innovation Centre and mobility hub would be the "beating heart" of the whole Golden Valley Development.

"This is the single biggest project Cheltenham Borough Council has ever undertaken," he said.

However, councillor Wendy Flynn said it was too large an amount of money and raised concerns about how investments by councils elsewhere had led to them going bankrupt.

"Most of us won't be alive in 50 years time after the return period in this report. If this ends up being a massive mistake, it is those future generations who will be paying the price," said Ms Flynn.

Countering these comments was councillor Alisah Lewis, who said it is vital to make the investment for future generations.