Teal Park, a new business park development near Lincoln, is set to provide Lincolnshire with half a billion pounds worth of future investment.
The development, which is located in North Hykeham, on the outskirts of Lincoln, had an opening ceremony on July 27 to mark the start of the project.
The plans will see the creation of one of the largest business parks in the East Midlands, providing a significant boost to the local economy.
The first development will safeguard over 500 jobs, as Siemens are relocating their Lincoln turbine service facility to an 11 acre site at Teal Park.
Along with Siemens, there are currently plans for a hotel, leisure facilities and conservation zones to protect local on-site wildlife.
Set for completion in Autumn 2012, as part of the development, the surrounding highways network and public transport links will be improved.
Plans and investment
Initial servicing of the site is an investment of approximately £20 million of which £17 million come from Lincolnshire County Council and the remaining £3 million subject to an European Rural Development Fund bid.
Councillor Eddy Poll, Executive Member for Economic Development at Lincolnshire County Council, said: “Teal Park has the potential to attract £500 million of business investment over the next 10 to 15 years. That equates to around 4,000 jobs.
“This will not only bolster our manufacturing and construction industries, but should also lead to opportunities for highly skilled workers as well.
“We’ve already taken an important first step towards success in persuading Siemens to relocate to the site. I’m sure that many other businesses will follow.”
Total build space is expected to be 1.3 million sq. ft. with a guide price of £250k – £300k per acre dependant on the plot. The sole marketing agents for the site will be Lincoln-based commercial agents Hodgson Elkington.
Sam Elkington, Senior partner with Hodgson Elkington, said: “With the completion in 2012 of the A46 dual carriageway link to the M1 between Newark and Leicester and the improvements around the Lincoln bypass the site will now be a major strategic location with excellent connections to the national road network.
“The Siemens relocation will undoubtedly be the catalyst to a number of businesses establishing themselves on Teal Park and we have already received a number of encouraging enquiries before ground has actually been broken.”
Lincoln based company Taylor Lindsey, site developers for Teal Park, have a range of commercial development sites in locations around Lincolnshire and East Nottinghamshire. In Lincoln, they have helped developed the Sadler Park, Roman Gate and Lincoln Business Park sites.
Robin Taylor, Director of the site developer Taylor Lindsey Limited, said: “The development is of a size which makes it of regional significance and the decision by Siemens to relocate part of their business to Teal Park is a major boost to the development and the city itself.
“Having now obtained planning permission for 1.3 million sq. ft. of development we hope that it will make a major contribution to Lincoln’s future economic growth.”