BILLION pound plans to build 4,500 homes to the north west of Cheltenham could provide the local economy with a massive shot in the arm.
That's the gut reaction from business leaders in Cheltenham and Tewkesbury to initial plans for the Elms Park development on land between Kingsditch Trading Estate and Uckington.
The ambitious proposals would include a 10 hectare business park next to the existing Gallagher Retail Park, in Tewkesbury Road.
And developers behind the scheme estimate it would lead to the injection of £85 million into the local economy as well as the creation of up to 10,000 new jobs.
Rob Duncan, planning advisor to the Cheltenham Chamber of Commerce, said developing the site would help the town retain big employers.
He said: "The kind of figures for how this would impact on the town are not something we can comment on.
"But the principle of development on that side of Cheltenham is something we have always been behind.
"If you look at the town it is the only logical direction for it to develop in.
"This kind of development has the potential to give a significant boost to the local economy – not just in terms of the businesses which might want to move here but also the ones that are already here that can stay and expand."
The view was echoed by David Bloxham, acting chairman of Tewkesbury Chamber of Commerce, who said such a development would increase the need to improve access to junction 10 of the M5.
He said: "I have not yet had a chance to consider anything more that the initial information but on the face of it the prospect of a significant investment on the Tewkesbury side of Cheltenham and possible creation of many new jobs must be good for Tewkesbury's local economy.
"This, in conjunction with recently announced plans for the development of a designer retail outlet near junction 9 at Tewkesbury may be a sign of greater confidence in the local and wider economy.
"These proposed developments will however necessitate careful consideration of the immediate supporting environment and infrastructure including the development of a four way north/south access at junction 10 of the M5."
If the plans go ahead there would be retail opportunities within the new estate although there are no plans for a town centre style high street.
It is estimated that the construction of the site would create an additional 450 building jobs every day for the duration of the development – a period of more than 10 years.
