Sheffield-based property investment and construction group Henry Boot plc said on Monday its property development business HBD and international tech campus developer Factory are to form a new joint venture called HBD X Factory to target the UK tech sector.

“HBD X Factory has been selected as preferred bidder to deliver 45-ha at Cheltenham Borough Council’s Golden Valley Development,” said Henry Boot.

“The Golden Valley Development covers 200-acres and is expected to create 12,000 new jobs, 3,700 new homes and 2 million sq. ft. of commercial space, with Cyber Central UK at the heart of a visionary integrated campus focused on cyber and digital innovation.

“The project builds on the presence of GCHQ’s headquarters and Cheltenham’s existing cyber sector, with the first phase delivering an innovative, mixed use community clustered around Factory’s first project of scale in the UK – Factory Cheltenham – which will sit alongside GCHQ.

“HBD X Factory will continue to explore new opportunities across the UK, including acquisitions and public/private partnerships with local authorities and other strategic landowners, as it targets large-scale, mixed-use districts and urban regeneration projects with a focus on innovation.”

HBD managing director Ed Hutchinson said: “The HBD X Factory partnership reflects our focus on delivering large-scale, transformative regeneration projects – the Golden Valley Development is a hugely important project for Cheltenham, the South West region and the wider UK tech sector and we look forward to working alongside Factory to bring the scheme forward.”