Henry Boot (LSE:BOOT) said its property investment and development arm, HBD, has secured forward funding for the first phase of the £1bn Golden Valley development in Cheltenham.
The mixed-use scheme sits at the centre of the UK's National Cyber Strategy and will eventually deliver around 1m sq ft of commercial space alongside new homes.
Phase one carries a gross development value of £95m and covers the 160,000 sq ft IDEA innovation centre plus ROUTER, a new transport hub and supporting infrastructure.
Private sector investors and Cheltenham Borough Council have fully funded this phase, and construction has now started, with completion targeted for early 2028.
IDEA is already 68% pre-let or under offer within a year of gaining planning consent, pointing to strong occupier demand ahead of delivery.
HBD will earn a development management fee, having led the scheme through master planning, design and planning approval.
Momentum from phase one is expected to support pre-letting at phase two, comprising the INPUT and OUTPUT buildings, which will add a further 188,000 sq ft aimed at national security sector occupiers.
A separate land parcel with outline consent for up to 443 homes is now being marketed to a residential delivery partner.
"Securing forward funding for IDEA is a major milestone for Golden Valley and for Henry Boot," said chief executive Ed Hutchinson, adding that the majority of phase one space is already let or reserved.
