The progress of the £300m development of a Leicestershire Enterprise Zone has taken another major step forward after agreement was reached over investment in a new £6.25m gateway infrastructure project.
Hundreds of new jobs are expected to be created after the LLEP agreed to invest in new road and security infrastructure at MIRA Technology Park (MTP).
Construction of a replacement gateway will begin later this year, subject to planning permission, and will immediately unlock development sites for new buildings scheduled for completion in late 2023.
The revamped gateway 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.
LLEP Interim Chair Andy Reed OBE 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 high-tech jobs.”
MTP has been operating as an Enterprise Zone since April 2013. The zone was expanded after three years.
It is the only transport sector-focused Enterprise Zone in the UK and is home to more than 35 automotive-related companies.
The latest investment will help attract inward investment to Leicester and Leicestershire, with new development land expected to generate interest from large national and international organisations.
Tim Nathan, Managing Director, MIRA Technology Park, said:
“This funding unlocks the next phase of MTP’s 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 MTP, in partnership with HBBC, towards the new security interchange and welcome centre, road infrastructure and associated utilities.
Investment was secured via the Enterprise Zone Retained Business Rates Fund.
An application for planning permission has already been submitted.
Bill Cullen, Chief Executive, Hinckley and Bosworth Borough Council, said:
“The Council is committed to supporting the growth and improvement of Mira Technology Park, which is 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.Read the LLEP’s plan for creating high-tech jobs in Leicester and Leicestershire