A gateway to opening up the expansion of major technology park
AGREEMENT FOR NEW ENTRANCE SEES MASTERPLAN MOVE AHEAD
A £300 MILLION expansion of a county technology park has taken a major step forward.
Agreement has been reached over investment for a new £6.25 million gateway infrastructure project to open up large areas of development land next to the Horiba MIRA vehicle test track on the A5, near Hinckley.
Hundreds of jobs are expected to be created after the Leicester and Leicestershire Enterprise Partnership (LLEP) agreed to invest in new roads and security infrastructure at MIRA Technology Park (MTP).
Construction of a replacement entrance will begin later this year, subject to planning permission, and will immediately unlock development sites for new buildings, scheduled for completion late next year.
It will further act as a catalyst for opening up the next major phases of land earmarked for future development under MTP’s £300m North Side masterplan.
About 1,200 people currently work at MTP and the development masterplan will create jobs for thousands more.
Andy Reed, interim chair of the enterprise partnership, said: “By funding work on the MIRA site, the LLEP is helping to provide infrastructure to open up large areas of new development land.
“This is important because the existing infrastructure is not adequate for supporting such growth.
“The investment will further the development of a growing mobility cluster at the cutting edge of technology and will lead to more hightech jobs.”
MTP has been operating as an enterprise zone since April 2013.
It is the only transport sectorfocused enterprise zone in the UK and is home to more than 35 automotive-related companies.
The latest investment will help attract investment to Leicester and Leicestershire, with new development land expected to generate interest from large national and international organisations.
Tim Nathan, managing director at MTP, said: “This funding unlocks the next phase of development, enabling the delivery of a number of large-scale developments, providing both a location for our existing customer base to expand into and space to welcome new, innovative companies joining the region.
“We look forward to working closely with the LLEP and Hinckley and Bosworth Borough Council to deliver these exciting developments.”
The LLEP provided funding to the council towards the new security interchange and welcome centre, road infrastructure and associated utilities.
The council will now allocate the funding to MTP.
An application for planning permission has already been submitted.
Bill Cullen, chief executive of the borough council, said: “We are committed to supporting the growth and improvement of Mira Technology Park, a world-class research and development facility providing high skilled jobs and apprenticeships for residents of the area.”
The next stage of MTP’s development is driven by a recently agreed joint venture with private equity investor and developer, Evans Randall Investors, which will facilitate the next stage of the park’s evolution.
Its support could eventually see the tech park expand across two neighbouring sites on either side of the A5. The ultimate project could deliver up to four million sq ft of new business space.