Development partner for £1 billion Golden Valley project confirmed

HBD X Factory is the company in charge of the anticipated Golden Valley Development, which is set to create 3,700 new homes and two million square feet of commercial space near GCHQ in Cheltenham.

By Andrew Merrell  |  Published

It first unveiled the name last summer, but Cheltenham Borough Council has confirmed that the contract has now been signed - making HBD X Factory its official development partner for Gloucestershire's ambitious for Golden Valley Development.

When it first revealed HBD X Factory as its preferred choice back in July 2021, it was the result of a year-long search for a business which could share and develop its vision, and back then the project carried a price tag of just £400 million.

Since then, the true scale of the vision has been realised and £1 billion is now the preferred figure for an investment that will create approximately 12,000 new jobs, 3,700 new homes and two million square feet of commercial space - with a National Cyber Innovation Centre at the heart of a 150,000 square foot campus for cyber and digital technologies.

Adam Brady, executive director at HBD, said: ‘The Golden Valley Development is one of the UK’s most exciting and nationally significant projects.’

Jeremy Bamberg, co-founder of Factory, said: ‘This is a major milestone. For HBD X Factory, the Cheltenham Borough Council – and the UK.

‘It demonstrates how the property sector, government and the technology community can join forces to promote innovation, economic growth and national security.’

Councillor Rowena Hay, leader of Cheltenham Borough Council, said: ‘Its significance will be far reaching and deliver benefits out to the county, the wider region, nationally and beyond.

‘It will also bring education opportunities, career paths and homes to residents of Cheltenham now and into the future.’

The Golden Valley Development is a Cheltenham Borough Council project, with key partners including Tewkesbury Borough Council; Gloucestershire County Council; the county’s local enterprise partnership, GFirst LEP; and several government departments.

This development also forms a key part of the government’s National Cyber Strategy and levelling-up plans.

GFirst LEP has already delivered £22 million of investment to improve transport infrastructure surrounding site.

While Cheltenham Borough Council has a further £180 million funding available for the delivery of ‘high-quality homes’, with £37.5 million used to fund the purchase of the land, alongside £249 million of government investment being delivered by the county council.

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