An interview with Gareth Edmundson, CEO, Cheltenham Borough Council
Construction of Gloucestershire’s £1 billion Golden Valley cyber and technology powerhouse project in Cheltenham is expected to start imminently.
In an exclusive interview with Ian Mean, who is an Honorary Chamber Board Member, Gareth answers key questions about the project which is set to attract millions to the Gloucestershire economy over the next 20 years.
IM: What is the latest timescale for the Golden Valley project and when can people expect to see building work starting?
GE: “The good news is we are expecting building works to start very soon-all being well, we are looking at July.In terms of construction, the National Cyber Innovation Centre-the building named IDEA at Fiddlers Green-will be the first with the transport hub which is known as ROUTER. This includes a car park with more than 450 spaces, cycle facilities, new amenities, shops and eating places, e-bike charging, showers and lockers.
We are aiming for this initial phase to be completed early in 2028. People will start seeing construction activity ramp up in the Summer.”
IM: “What is the overall financial commitment to the project by Cheltenham Borough Council and what do you estimate to be the return on your investment of public money? Have you any solid commitments yet by major companies?”
GE “The borough council acquired the land for £39.5 million, and at the end of 2023 a further funding package of £104 million was approved. On our current forecast the council expects to receive about £60 million in the land receipts over time. So, if you look at the fact we purchased the land for £39.5million, the current projection is that the land receipt comes back at £60 million delivering a net positive on current projection once the full development is complete. Similarly, the further investment in the first buildings is also showing a net positive.
This is taxpayers’ money and the council has always tried to be prudent. We have always wanted to use the project to support, enable and help to drive the local economy.I cannot obviously tell you the names of companies interested in the project but we now have multiples of interest in the first phase of the development, across government, academia ,industry and early stage companies”
IM: “What does Golden Valley mean for the people of Cheltenham? Do they really understand what is going on and does the Cheltenham community need far more clarity on it?”
GE: “ We are creating a more cohesive approach to our Golden Valley communications, led by our community, local business and other stakeholder groups. As part of this, we have created a Golden Valley Advisory Board to bring all the partners together and offer increased oversight and guidance. The purpose is to pull together what I would call the broad education system to try and make sure that we have got a clear story and proposition.”
IM: “The Golden Valley site butts up to one of the poorest electoral wards in the country. So, are there going to be well paid jobs for local people?”
GE: “That is absolutely a core ambition and awareness of the project around them is key. Local people need to feel there are opportunities for them as some of those wards on the doorstep are in disadvantaged communities.
I think we have a high degree of confidence that Golden Valley is going to be a success in terms of occupier interest but that has to be alongside inclusivity and ensuring opportunities for local people. Our social value promise is all about delivering real value, where it’s needed, to local communities”.
IM: How do you see the whole of the Gloucestershire economy benefitting from the Golden Valley project?
GE: “We already know that because of our concentration of cyber and national security technology businesses, people are travelling from all over the county to work in Cheltenham and the surrounding areas where we have concentrations of businesses.”
Over ten years of the completed project, Gareth Edmundson believes there will be something in the region of 10 000 technical roles created at current salaries of around £65 000 and about 1800 non-technical roles.
*Ian Mean MBE is former editor in chief of the Citizen and Gloucestershire Echo and editor of the Western Daily Press
