Plans to develop land near GCHQ in Cheltenham for business, retail and residential use could bring an estimated £80 million boost to the town during construction — and more than £102 million annually.
A new application, which forms part of the £1 billion Golden Valley development, has been submitted to Cheltenham Borough Council by NEMA Golden Valley Limited.
NEMA, in partnership with the council, wants to create a new neighbourhood 'of the highest standard' on 11.4 hectares of undeveloped fields near Fiddlers Green, delivering commercial, healthcare, community and residential space as part of the wider Golden Valley development.
It follows plans submitted in November 2023 by developer HBD to build a new cyber innovation district — adjacent to the NEMA site — made up of a million square feet of commercial space and 1,000 new homes, along with green spaces and leisure facilities, with a separate application for a landmark National Cyber Innovation Centre at the heart of the district expected in 2024.
The NEMA plans would deliver 37,560 square metres of business space for technology research and development, along with 2,475 square metres of retail space; 3,750 square metres specifically for the sale of food and drink; a 727 square metre healthcare centre; a 8,972 square metre transport hub; and 365 homes, comprising 330 apartments and 35 family homes.
It's expected that during its five-year construction, the development would generate £103 million of total gross value added (GVA) — including £80 million in Cheltenham — and 260 jobs.
Once operational, it's expected the site will deliver a £150.3 million boost to GVA annually — including £102.1 million in Cheltenham — and 2,800 on-site jobs, boosting the Golden Valley cyber sector and supporting retail, hospitality and healthcare.
The new homes would house around 570 residents, with an estimated combined income of £8.5 million and annual expenditure of £6.4 million on retail and leisure.
Representing only a part of the wider Golden Valley development, NEMA says it is working with neighbouring landowners and developers 'to ensure a consistency of approach to the public realm'.
A decision on the application is expected on Wednesday 30 October 2024.
