Work is underway to develop more than 56,000 square feet of new industrial space on land owned by Daventry District Council.
Claymore Investments is delivering the development on The Knoll in Daventry, located within the Marches Industrial Estate to the south-east of the town centre.
The new Signal Park development will bring six acres of urban land into use and is expected to accommodate over 112 new jobs in the medium term, in addition to the significant indirect economic activity generated by its design and construction.
DDC agreed to lease the site to Claymore in October 2018 for the purposes of creating new industrial space to support the growth of Daventry.
The firm has since been awarded a £3.2million grant from the South East Midlands Local Enterprise Partnership (SEMLEP), via its Local Growth Fund, to cover abnormal land preparation costs, enabling the project to proceed.
An official ground-breaking ceremony took place recently and the construction of the steel frames is due to start in early December. It is hoped the scheme can be completed by July 2021.
Neal Shegog, Claymore Investment Manager, said: “Daventry is growing from strength to strength and as a locally based developer we are committed to supporting that growth and excited to be developing this prestigious project.
“Land available to build on is scarce in Daventry, which is inhibiting business growth. Our six-acre plot is located in one of the main industrial areas in the town. Until recently, the plot was considered unusable because the cost of levelling the hill meant it was considered impossible to profitably develop.”
Peter Horrocks CBE, Chair of SEMLEP, said: “Daventry has lots of premises which cater for large warehouses and logistics operations, but the town lacks smaller industrial units which are essential if growing businesses are to remain in the town and Daventry is to attract national and regional businesses.
“This is a unique development in the area and one we are proud to be supporting. Daventry benefits from a skilled workforce and is already home to an array of engineering and motorsport companies. This development will strengthen the area yet further.”