Henry Boot secures Golden Valley phase 1 funding

Henry Boot announces that HBD, the group's property investment and development arm, has secured forward funding for the first phase of Golden Valley, Cheltenham. The £1bn mixed-use development is central to the UK's National Cyber Strategy and will create around 1m sq ft of prime commercial space alongside high-quality homes across a range of tenures.

Phase one, with a GDV of £95m, comprises IDEA the 160,000 sq ft innovation centre, together with ROUTER, a next generation transport hub and supporting infrastructure. This phase is fully funded by private sector investment and Cheltenham Borough Council. IDEA is now 68% pre-let or under offer within a year of securing planning, and the remaining space is already seeing significant occupier interest.

The forward funding adds another significant and important project to HBD's committed development programme. Work is now underway, with completion anticipated in early 2028.

HBD will benefit from a development management fee, having promoted the scheme through master planning, detailed building design and planning.

Progress on phase one is also expected to support occupier interest in pre-letting space at phase two of the project, ahead of development. This comprises two additional buildings, INPUT and OUTPUT, which together will provide 188,000 sq ft of flexible commercial space targeting occupiers within the national security ecosystem.

The wider scheme also includes a parcel of land to the north of the site, with outline planning consent for up to 443 new homes. HBD intends to sell this parcel to a residential delivery partner, and marketing of the site has now commenced.

Golden Valley represents a significant long-term opportunity for HBD, building on its proven ability to master plan and deliver major mixed-use developments, while further establishing the business as a leading developer in innovation and cyber security sectors that are critical to UK growth and national security.

Ed Hutchinson, CEO at Henry Boot, commented: "Securing forward funding for IDEA is a major milestone for Golden Valley and for Henry Boot. It underlines the strength of the development, the quality of our expertise and the importance of Golden Valley as a nationally significant innovation and cyber security campus. With the majority of the space in the first phase already let or reserved, we now have strong momentum as we commence construction. Our aim is to deliver a landmark mixed-use destination that supports UK growth, security and innovation."

Councillor Rowena Hay, leader at Cheltenham Borough Council, added: "The delivery of phase one demonstrates our commitment to creating an internationally recognised development that will deliver lasting benefits for the local, regional and national economy."

Dr Marsha Quallo-Wright, GCHQ Director of Technology Futures, said: "As the Golden Valley development reaches an important milestone, we're looking forward to working alongside academia and industry to strengthen our ability to address emerging security challenges, foster innovation, and support the region's growth. Through these partnerships we will draw on new expertise, share knowledge, and help develop the skills needed for the future. These collaborations will play an important role in supporting our mission to keep the UK safe."