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08.09.05
Private And Public Sector Partnership Brings £2 Million Of New Business Space To West Cornwall

The start of a new £2 million speculative scheme to provide over 40,000 square feet of new industrial and business space in West Cornwall was marked today when developers, Midas Developments Ltd joined with representatives from Objective One and the Camborne Pool Redruth Regeneration Company at Cardrew Business Park.

The new speculative development, which is being backed by over £900,000 of Objective One investment and private funding from Midas, will include four 11-12,000 square foot units and is expected to create in excess of 80 new jobs. It will play a key role in continuing to attract inward investment and jobs to the Camborne, Pool and Redruth area and to provide facilities for expanding local companies.

The new units are the second phase of a scheme by Westcountry based Midas Developments, which began in 2003 with the building of a new 75,000 square foot headquarters for the Swedish based printing and information transfer specialists, Stralfors Plc. Backed by Objective One investment, the new headquarters helped to create and safeguard a total of 220 jobs for the area.

Now with the help of Camborne Pool Redruth Regeneration Company, GOSW and the local authority, the second phase of development is set to provide exactly the sort of business space needed to continue the regeneration of the surrounding area.

Terry Murch, Director of Midas Developments Ltd, the development arm of the Midas Group comments: "The regeneration programme being undertaken by Camborne, Pool and Redruth Regeneration Company in the surrounding area means this site is ripe for investment of this sort. We're confident that there will be no shortage of end-users for these new, high quality units. We'd like to thank CPR for their assistance in helping to push this development forward and will continue to work closely with them on a new £4 million development on the Barncoose trading estate. As a private sector player, we are committed to working with all partners in Cornwall to bring about positive economic change in the county."

Neil Lindsey, Executive Manager of CPR Regeneration said: "This latest development is further evidence of growing confidence in Camborne, Pool and Redruth and we've worked closely with Midas to make it happen. We know there is great demand for quality business premises in the area and by meeting that demand will lead to quality jobs."

Carleen Kelemen, Director of the Objective One Partnership said: "Investment at Cardrew has already helped one successful, well established company expand. This second phase of work will create hundreds more jobs in an area where they are much needed. Objective One is investing to provide top quality industrial and business space across the region to ensure Cornwall and the Isles of Scilly are attractive to companies both now and in the future."

The new business units are being built by the St Austell office of Midas Construction Ltd, the sister company of Midas Developments Ltd. They are due for completion in March next year. Agents for the development are BLS Estates.

For further information please contact Sarah Gunn or Ruth Walls on behalf of Midas on 01752 509581.

The Objective One Programme for Cornwall and the Isles of Scilly has invested in the Cardrew large industrial unit project through the European Regional Development Fund (ERDF).

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Editor's notes:

AGENDA

Breakfast Launch 2nd Phase Cardrew Industrial Estate –
Midas Developments Ltd - 8th September 2005

8.30 Guests arrive

Assemble at marquee for coffee

Short-speeches

Terry Murch, Director of Midas Developments thanks partners for attending

Carleen Keleman – Director of Objective One Partnership explains Objective One role in scheme

John Dobson – Head of Property Development explains CPR's role in scheme and in regeneration of area

8.45 Photo-call for media with Midas hats next to sign-board in front marquee AND raising flag at front of site

Terry Murch
Carleen Keleman
John Dobson

Above undertake media interviews to any attending press

Others guests move to marquee for breakfast

Set up other photos with Midas own photographer in marquee

9.30 finish

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Clare Morgan
Media Relations Manager
Objective One Partnership Office
Castle House
Pydar Street
Truro TR1 2UD
Mobile: 07973 813647
Telephone: 01872 223439

cmorgan@cornwall.gov.uk

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