The highly-anticipated Golden Valley Development in Cheltenham will be steered through its next phases by property developer HBD, after it made the transformative move to buy out its partner company, international tech campus developer, Factory.
Initially planning to deliver the £1 billion project collaboratively, HBD bought out the firm in an undisclosed seven-figure deal, with Factory shifting its operational focus to its existing portfolio, with new projects already in the pipeline.
Together, the companies had been successfully pursuing innovative real estate projects throughout the UK for nearly five years — with this multi-million-pound deal marking a pivotal moment for the respective organisations, following a recent bout of key milestones for the Golden Valley Development.
Recent successes include an official planning submission for the project; the approval of £95 million in funding with Cheltenham Borough Council for the delivery of the site's first building — the proposed National Cyber Innovation Centre; as well as securing £20 million in funding from the government's Department for Levelling Up to 'super-charge' the first phase of the project.
Director of HBD and board member for HBD x Factory, Adam Brady said: 'Partnerships are core to HBD’s business and collaborating with Factory has been instrumental in advancing the Golden Valley Development.'
Co-founder of Factory, Jeremy Bamberg, added: 'Achieving these milestones highlights our dedication to developing globally renowned innovation hubs in collaboration with local governments, developers and landowners across the UK and Europe, a mission that remains unchanged as we transition to new projects.'
The 47-hectare Golden Valley Development will include an innovation district with over a million sq ft of commercial space, designed to attract science and technology businesses specifically.
It will also include more than 1,000 sustainable new homes, available to buy or rent, as well as a new primary school, as part of a new garden community set within an extensive network of green spaces.
HBD assumes responsibility for all of the venture's operations from here on out, with the aim to open the doors to phase one in summer 2026.