The 30 hectare Watford Business Park – located by Greenhill Crescent and Faraday Close - is one of the key employment hubs in the town with over 100 businesses employing 1000-1200 people from Watford and beyond. Completion is set for December 2022.

This gateway site project will provide modern, fit for purpose commercial space that meets the acute market demand, uplift the visual environment and encourage further investment in the business park.

Why?

Whilst it is a major employment area, a significant proportion of the existing buildings are old and not geared to the current needs of business.

A more up to date and innovative development could play in the town’s business profile and the local economy. To improve the Park It would increase its employment capacity, with the potential to create an additional 180 jobs in the town.

Impact

A new landmark development, to be known as Greenhill Works will be created which is the first phase of the council’s proposed regeneration scheme.

This comprises 7,100 sq. m. of modern commercial premises aimed at SMEs, associated parking and landscaping, and a new access route into the site.

Greenhill Works signals the start of investment by the council and Hertfordshire LEP to regenerate this key employment hub in the town and ‘set the tone’ for companies looking to move into the area.

Greenhill Works offers a range of unit sizes targeted at small and medium sized business. Potential occupiers could include businesses in the film, TV, life sciences and manufacturing sectors.

Funding

Watford Borough Council’s plans for a £20m major redevelopment project with Hertfordshire LEP providing a £1.5m loan to buy in leases and licenses; and a subsequent £5m grant and loan.

This project was approved by the board on the 21st March 2019.