The £300 million expansion of a technology park which could lead to thousands of new jobs has taken a big step forward.
More than £6 million of funding has been secured to improve road access to the MIRA Technology Park on the Leicestershire/Warwickshire border.
The cash will be used to open up large areas of new development land next to the Horiba MIRA vehicle test track and R&D facilities just off the A5 between Hinckley and Nuneaton.
The first phase of the technology park is already established on 850 acres of land with tenants including Aston Martin, Bentley, Bosch, Jaguar Land Rover, Toyota, and The London EV Company. It provides work for more than 1,000 skilled engineers.
The £6.25 million funding from the Leicester and Leicestershire Enterprise Partnership (LLEP) means work will start on a new entrance to the site later this year, subject to planning permission.
That will unlock development sites for new buildings on the existing tech park scheduled for completion in late 2023.
It will also act as a catalyst for opening up the next major phases of land earmarked for future development under MIRA’s £300 million North Side masterplan.
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. It is the only transport sector-focused enterprise zone in the UK and is home to more than 35 automotive-related companies.
MIRA Technology Park managing director Tim Nathan 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.”
An application for planning permission has already been submitted.
Bill Cullen, the chief executive of 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 being driven by a recently agreed joint venture with private equity investor and developer Evans Randall Investors.
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 4 million sq ft of new space, with a potential value of up to £500m, encompassing R&D, office and industrial facilities.
