Westcott Venture Park has secured planning permission for the first speculative warehouse and distribution development in Bucks for more than five years.
The new development space, which has not yet been sold to would-be tenants, is 45,000 sq ft and includes a first phase of 24,000 sq ft of accommodation comprising seven units, ranging in size from 2,000 sq ft to 6,000 sq ft.
Construction of the development, which will be set on three acres of the 650-acre site, is set to begin in October.
The park, owned by firm Rockspring, has said its target is to open the new premises for occupation in spring 2015 with a view to rolling out phase two the following year.
Overall investment in the new development is estimated to be in the region of £3 million for the construction phase, and could house over 50 workers when fully occupied.
Nigel MacKenzie, project manager at Westcott Venture Park said: “Rockspring is accelerating its investment in the park by developing this speculative facility to deliver much needed premises for the business marketplace.
“We have seen significant interest in land and facilities at the park, which has been running at 95% occupancy for some time.
“This interest, coupled with the lack of Grade A space in the region has prompted the fund to move forward with this new phase of development at Westcott Venture Park.”
The park is now home to 71 businesses employing over 400 people and is managed by Lambert Smith Hampton.
In the last two years Rockspring has invested over £6 million in infrastructure including a new estate road and gatehouse complex, which has opened-up a large amount of land for further development.