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29.03.06
£3 million private/public development begins at Barncoose

Midas Commercial Developments Ltd joined with representatives from Camborne Pool Redruth Regeneration, Objective One and Kerrier District Council on Wednesday March 29th to mark the start on site of a £3 million development at Barncoose Business Park.

Backed by £1 million of Objective One investment and private sector investment from Midas Developments, the 43,000 sq ft development of eleven new business/industrial units is the next crucial step in the regeneration of the area and is expected to create up to 100 new jobs.

Once completed, existing businesses currently situated alongside the route of the proposed £3.5 million Barncoose Link Road will be able to move into two of the new units, leaving the way clear for work on the new road to begin and a further 200,000 sq ft of employment land to be opened up.

The eleven new units, which will range in size from 4,230 sq ft to 6,006 sq ft, will also provide an opportunity for local expanding businesses to move out of the town centres, freeing up sites for further housing and retail development, in line with Camborne Pool Redruth Regeneration's overall strategy for economic growth of the area.

Terry Murch, director of Midas Commercial Developments Ltd said: "We're delighted to be funding this important project which is the lynch-pin for the continuing regeneration of the area and the first step towards a new employment hub for West Cornwall. We've worked closely with our partners to make this happen and would particularly like to thank Kerrier District Council for their support in the relocation of existing businesses. Our financial backing demonstrates our confidence as a private sector investor in the employment potential of the area."

As well as attracting local expanding businesses, Midas is also confident that overspill businesses from Truro, Falmouth and Newquay will be drawn to the new space due to the lack of commercial units in and around these towns.

The units have been designed with special green features to ensure that they are sustainable and energy efficient and match up to standards being offered elsewhere in the UK. These features include facilities for cyclists in all units, and a green travel plan.

New users may also be eligible for assistance from the Regional Selective Assistance grant scheme.

Carleen Kelemen, Director of the Objective One Partnership, said: "This is part of a raft of multi million pound investments supporting the provision of workspace, which is much-needed across the whole of Cornwall and the Isles of Scilly. It also demonstrates confidence that the Camborne/Pool/Redruth area is to play a major future role in the region's economic regeneration."

Councillor Mark Kaczmarek, Portfolio Holder for Regeneration Kerrier District Council comments: "Kerrier District Council have worked very closely with Midas Developments Ltd to provide a high quality project to provide local businesses with the type of accommodation they require and available on terms that modern businesses are looking for. I also see it as symbolic of a growing confidence in the areas and willingness to invest for the future. I would like to congratulate Midas on the effort they have put into bringing this project to fruition."

The units are being built by the St Austell office of Midas Construction, sister company to Midas Commercial Developments Ltd and are due for completion in January 2007.

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

For more information about Objective One workspace projects please click here to view the Sites and Premises investment cluster on the Objective One website

The Objective One Programme for Cornwall and the Isles of Scilly has invested in the Barncoose Employment Space Regeneration project through the European Regional Development Fund (ERDF).

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Editor's notes:

This project is also an important step towards work beginning on the £3.5 million Barncoose Link Road which will help to open up a further 200,000 sq ft of employment land.

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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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