Muse will work with the council to develop over 15 acres of council-owned land to create a mixed-use scheme, comprising office space, a hotel and other facilities.
The regeneration project will develop in excess of 700,000 square feet to create a development called Basing View, which Muse said it hopes will be a “21st Century business destination”.
The council has already committed £3.3 m to deliver estate infrastructure improvements. The process of putting those in place has already begun with the demolition of two buildings and landscaping. A further £5m of investment funds has also been set aside to help stimulate new development at the scheme.
This announcement follows the news that Network Rail is to locate a 175,000 sq ft regional training centre on the land adjacent to Basing View that will link directly into the business park, which Muse hopes will help stimulate development at the scheme.
It is envisaged that the project will have the potential to double the current number of jobs currently available at the business park to around 10,000.
The first planning application for the project is expected to be submitted before the end of next year, with work on site scheduled to begin in late 2013, subject to planning consent.
