The £20m major redevelopment project of ‘Inspire’ at Watford Business Park is now underway, with works taking place over the next year to create workspaces fit for the future.
Located on Greenhill Crescent, Caxton Way and Faraday Close – the business park is home to over 100 businesses employing more than 1,000 people from Watford and beyond. Whilst the 30 hectare site is a major employment area, a significant proportion of the pre-existing buildings were old and not geared to the current needs of businesses.
Supported by investment from Watford Borough Council and Hertfordshire Local Enterprise Partnership (LEP), which has contributed £5m via the Local Growth Fund, the redevelopment will help regenerate this key employment hub and ‘set the tone’ for companies looking to move into the area. Led by appointed project managers, Stace LLP, and construction company, Faircloth, the project is expected to be finished by autumn 2023.
The project includes the design and construction of c6,080 square metres of commercial premises in 14 units with associated parking and landscaping, as well as a new access route into the site. The buildings will feature modern, flexible business units for small and medium sized businesses, with potential occupiers including businesses in the film, TV, life sciences and manufacturing sectors. It will also increase its employment capacity, with the potential to create an additional 180 jobs in the town.
Elected Mayor of Watford, Peter Taylor said: “A key part of our success is providing the right spaces and conditions for all kinds of businesses to thrive and grow. To do this we have to offer high-quality accommodation and places that people want to work in.
“That’s why we are extremely excited to start redevelopment of Watford Business Park. Supporting our local businesses and creating the right environment for them to flourish is absolutely vital and a top priority for me. Our local businesses are the lifeblood of our town, creating jobs and prosperity and keeping the town vibrant and successful.”
Adam Wood, Enterprise Zone Manager at Hertfordshire LEP, said: “The volume of available business premises in Hertfordshire has been significantly depleted in recent years. In order to maintain Hertfordshire’s contribution to the national economy, the vitality of our towns and cities, and to provide local employment opportunities for residents, it is essential that we continue to offer high quality spaces where our businesses can grow.
“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. We are delighted to support this scheme, which complements our wider programme of investment in Watford, including the regeneration of Clarendon Road, Trade City, Riverwell and Watford Junction station.”
In order to maintain Hertfordshire’s contribution to the national economy, the vitality of our towns and cities, and to provide local employment opportunities for residents, it is essential that we continue to offer high quality spaces where our businesses can grow.
In order to maintain Hertfordshire’s contribution to the national economy, the vitality of our towns and cities, and to provide local employment opportunities for residents, it is essential that we continue to offer high quality spaces where our businesses can grow.