A £4.3 million investment has been secured from the European Regional Development Fund to build the first phase of office and light industrial buildings on the Aerohub Business Park.

This will be at the gateway to the Enterprise Zone at Cornwall Airport Newquay. This project will address the lack of high quality employment space that is perceived to be a real barrier to growth in Cornwall and the Isles of Scilly.

The Enterprise Zone, Aerohub, is an 850-acre site at Cornwall Airport Newquay. The site is a focus for future flight technologies and aims to become a future UK Spaceport. The Aerohub Business Park falls within the zone and is a high profile, constraint-free site and the development will act as a catalyst for future jobs and investments.

The funding for this first phase of the project will feature a three-storey, landmark office building creating a total 1,005sq m of workspace that will offer up to three individual spaces to let on each floor. In addition there will be a further eight business/light industrial units totalling 1,904sq m.

The project is expected to start on site this year and be completed in early 2019.

The £4.3 million ERDF investment at the business park is part of the Cornwall and Isles of Scilly Growth Programme, the current round of European funding. It was matched by £3.1 million of investment from Cornwall Council.

Julian German, Cornwall Council’s portfolio holder for economy, said: “Securing the funding for the Aerohub Business Park is amazing news. It builds on the previous investment in the site and will create the much needed employment space for Cornwall’s businesses.”

Aerohub Enterprise Zone manager, Miles Carden, added: “This development will continue to support the growth of the Aerohub site and add to the 327 jobs that have been created since 2012. We have seen incredible interest in the business park and the development offers a fantastic opportunity to continue to attract inward investment and growth.”