Western Daily Press (Saturday)
£95m to help develop town’s Golden Valley cyber project
CHELTENHAM’S Golden Valley cyber development is a step closer reality after civic chiefs approved spending up to £95m on the project.
The Golden Valley Development, also known as West Cheltenham, is Cheltenham Borough Council’s flagship project which they hope will cement the town’s position as the UK’s cyber capital as well as unlock land for thousands of homes.
The planned creation of a cyber business park on land next to GCHQ is expected to create 12,000 new jobs while 3,700 houses are planned for the area.
Councillors voted on Thursday to enter into a conditional development funding agreement with HBC X Factory (HBDXF) and set aside funding of up to £95m.
This will go towards designing and developing the National Cyber Innovation Centre and the Mobility Hub.
The council said the presence of this critical asset will act as a catalyst bringing public sector, academia and companies large and small together in one place.
The authority bought 45 hectares of land at Golden Valley and subsequently entered into a development agreement with HBDXF to deliver its vision. Civic leaders said 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.
There will also be long-term investment opportunities, such as the ability to invest in commercial buildings or housing for long-term benefit.
CLLR MIKE COLLINS
Finance chiefs estimate the collection of business rates and council tax would provide the authority its main source of income and are expected to generate in excess of £300m and £80m respectively over the next 40 years
Cyber, regeneration and commercial income cabinet member Mike Collins said the 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.
“It’s not for just one tiny part of our economy, it’s going to be massive.
“Cheltenham, the borough of Cheltenham, the people of Cheltenham, the county, the country and even the world are going to benefit from this.”
Councillor Bernie Fisher said the scheme is very important.
“It secures the future of our town,” he said. “Now is the time to put our support behind a team of people that have brought together this intriguing plan.
“There’s some golden opportunities in the Golden Valley and we should grasp them with both hands.”
However, Cllr 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. There are too many unknowns. It’s a massive amount of money for something that is outside a normal council’s business. I can’t support it, I’m sorry.”
Finance and assets cabinet member Peter Jeffries said the council had been discussing it since 2016 and it is a great opportunity.
He said the riskiest point of the project was to have purchased the land.
“I’ve got quite a nice feeling inside. The team built around this project is immense. I’ve got great confidence. This is another step into investment in the town.
“This is the best sustainable development we can have for the future of this town.”