A £20million major development in Watford promises to regenerate employment in the town and ‘set the tone’ for businesses looking to move into the area.
Led by project managers, Stace LLP, and construction company, Faircloth Construction, the 30-hectare business park, located on Greenhill Crescent, Caxton Way and Faraday Close, is currently home to more than 100 businesses, which employ over 1,000 people from Watford and beyond.
The project includes the design and construction of 6,080 square metres of commercial premises and 14 units with associated parking and landscaping, as well as a new access route into the site. A significant proportion of the pre-existing buildings were old and not geared to current business needs – new buildings will be modern and flexible (to accommodate small and medium-sized businesses), with potential occupiers including companies from film, TV, life sciences and manufacturing sectors.
“A key part of our success is providing the right spaces and conditions for all kinds of businesses to thrive and grow,” said the Mayor of Watford, Peter Taylor. “To do this we have to offer high-quality accommodation and places people want to work. Supporting our local businesses and creating the right environment for them to flourish is absolutely vital and a top priority for me.” The work could be undertaken thanks to investment by Watford Borough Council and Hertfordshire Local Enterprise Partnership (LEP), which supported the redevelopment with £5million of funding via the Local Growth Fund. Adam Wood, Enterprise Zone Manager at Hertfordshire LEP, said: “The volume of available business premises in Hertfordshire has been significantly depleted in recent years and the regeneration of Watford Business Park will expand the area’s employment capacity and capitalise on the town’s excellent transport links, skilled workforce, and strong business base.”
The Watford Business Park development is due to be completed by autumn 2023.