Purpose

To seek approval of a budget for professional fees associated with
infrastructure requirements at Faraday Business Park, Daedalus and a delegation
to award associated contracts.

 

Daedalus is the Council’s largest employment site being allocated in the
Fareham Local Plan (2037) to provide a total of 127,900 sqm of space.  The 369-acre freehold site was purchased in
2015 from the Homes and Communities Agency. It is an important Corporate
Priority project for the Council and was identified as an accelerated key
project as part of the annual review of the Corporate Strategy undertaken in
October 2025.

 

Faraday Business Park is one of the most advanced
areas of Daedalus being located on its eastern side.  Development has been undertaken and the
extent of this is above that originally envisaged.  The capacity of the main access into the site
(junction of Spitfire Way/Broom Way) has been investigated and works are likely
to be required to maximise the development potential of the site.  One solution is a link road between Faraday
Business Park and the Skills and Innovation area (See Appendix B).  It would connect Spitfire Way and Meteor Way,
dispersing traffic movements between the two junctions. Initial budget costings
have been prepared and the anticipated cost is approximately £2,200,000.

The remaining land at Faraday Business Park is
currently being marketed to potential occupiers.  Non-Airside land extends to circa 9.2 acres,
which has a projected land value significantly above the project cost of the
link road.  In addition, there is also
non-airside land, the extent of which is difficult to pinpoint. as the
boundaries could extend into the airfield.  The Council does have initial
interest from an occupier in a large section of the land at Faraday Business
Park and there are critical timescales associated with the requirement.  

Taking account of the potential land receipts, the business case is
strong and this is a project the Council should progress further, especially
given current interest in the land. Notwithstanding this the longer the project
is delayed the longer it could take to maximise the development potential of
employment land at Faraday Business Park. The Council has recently made a grant
application to Hampshire County Council in relation to the project from LEP
Legacy Reserve Funds.  If successful this
would not cover the entire cost as the Council has offered match funding of 50%
and it has been suggested that this will be funded from Retained Business Rates
(RBR), subject to Executive approval. 
The outcome of the grant funding application will not be confirmed until
the summer of 2026.

 

It is proposed that the Council should start the project now and it is
therefore recommended that the Executive approve a budget for the associated
professional fees (£410,000).  This will
enable the project to proceed without delay at least to a developed design and
planning stage. If the Council waits until the grant funding is confirmed there
will be a delay in delivery.  This budget
request will be funded from RBR. Eventually, if the project proceeds and a
grant can be secured any expenditure is likely to form part of the match
funding noted above.  If funding cannot
be secured, the project can be paused, but at least a planning consent should
have been secured and progress has been made.

Decision

RESOLVED that the Executive:

 

(a) 
approves
a budget of £410,000 for fees associated with pursuing Faraday Business Park
Infrastructure requirements; and

 

(b) 
subject
to the approval of recommendation (a) above, delegates authority to the
Director of Planning and Regeneration to award associated contracts.