Concerns over affordability of Golden Valley development near GCHQ

Questions have been raised over the affordability of Cheltenham’s billion pound flagship development project.

Council chiefs hope the Golden Valley Development will cement the town’s position as the UK’s cyber capital as well as unlock land for thousands of homes.

The planned creation of a cyber business park on land next to GCHQ is expected to create 12,000 new jobs and 3,700 houses are planned for the area.

However, the recent financial volatility and growing inflationary costs have cast doubt on the scheme’s affordability.

The issue came up in discussions during Cheltenham Borough Council’s meeting on February 20 when councillors approved the authority’s corporate plan.

Councillor Tim Harman (C, Park) asked council chiefs if they were confident they could fund the Golden Valley development.

Finance, assets and regeneration cabinet member Peter Jeffries (LD, Springbank) confirmed the council had a robust plan but conceded they would have to revisit their estimates given the ongoing inflationary pressures.

He said: “The actual business case and numbers will come forward in.

“Can we afford it? The way the economy has gone over the last few months you have to question and relook at those figures again.

“Clearly, it is something that is being monitored and in due course and given a lot of scrutiny. I’m sure members across the council will get to see those relevant figures and business case.”

Cllr Jeffries also touched on the news of the council’s unsuccessful bid for £20 million for the National Cyber Innovation Centre which would be part of the first phase of the Golden Valley Development.

“We were not successful in the levelling up bid. We believe the National Cyber Innovation Centre is going to have huge and positive implications across the county.

“We are keen to understand with the relevant Government departments why the bid wasn’t successful. It doesn’t weaken our resolve in delivering that project”.

By Carmelo Garcia – Local Democracy Reporter

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