Work has begun on a scheme worth almost £13.5 million to build offices and industrial units in Redruth and create more than 170 jobs.
More than £6.6 million of ERDF (Convergence was approved in July for The Barncoose Gateway Project – at the entrance to the Barncoose Industrial Estate – with project developers Practical Developments (South West) Ltd contributing the remainder of the investment.
The scheme represents one of the largest speculative employment space schemes to be undertaken in Cornwall and involves the construction of nine office and hybrid/industrial units on a site near to the A30.
It is estimated that once the buildings are fully occupied, 82 jobs will be safeguarded and 171 more will be created by 2015.
Carolyn Rule, Cornwall Council cabinet member for economy and regeneration, said: “This is a great example of the growing confidence of the private sector – in this case Practical Developments (South West) ltd – leading us into economic recovery. The ERDF Convergence investment is helping share the risk in the development of these important new offices and industrial units at Barncoose.”
Martha Lea, development manager at CPR Regeneration, the urban regeneration company for Camborne, Pool and Redruth, added: “It is great to see this project starting on site. It shows that long term work to regenerate the area is really starting to bear fruit. There are now a number of developments underway at Treleigh and of course Heartlands Park, taken together these show how the area is now really being rejuvenated.”
The first phase of four office and hybrid industrial units is expected to be completed by next summer with the project being scheduled for completion by the end of 2012.