UP to 150 new jobs are on the cards as an industrial estate is revamped.
Barwood Capital and Taurus Developments have bought five acres of land on the Pfizer site at the New Lane Industrial Estate in Havant.
They plan to demolish the old distribution centre and build up to 120,000sq ft of modern industrial and warehouse space.
The scheme at Stanbridge Road is being called Velocity.
Councillor David Guest, in charge of regeneration in Havant borough, said it was exciting.
He said: ‘I’m thrilled to bits.
‘Anything that creates jobs and employment in Havant is to be welcomed. We need jobs all the time.
‘People are leaving school and returning from college and they want employment in their home town.
‘We still have a rate of unemployment, although it is very low, and all new jobs give people opportunities.’
The 150 jobs combine with the hundreds of new roles expected when new retailers – including potentially a Marks & Spencer – open at Solent Retail Park, in Havant, later this year.
Scores of new positions are also expected at the Dunsbury Hill business park off the A3(M) – a development spearheaded by Portsmouth City Council – in years to come.
Cllr Guest said Havant is on the up.
‘It’s growing and it’s more prosperous,’ he said.
‘It’s a wonderful location and people are attracted to it.’
Planners at Havant Borough Council will make a final decision on the proposals in the coming months.
Michael Gibbens, of Taurus Developments, said: ‘This is a prime employment site for Havant and provides a unique opportunity to respond to latent occupier demand in a very under-supplied market both in Havant and the wider M27 and A3(M) corridors.
‘There are encouraging signs of renewed activity in the occupier market in this location and Velocity will be a new development to match these improving market conditions.’
Ed Henson, of Barwood Capital, added: ‘We are delighted to have secured the acquisition of the site and look forward to working with Taurus in bringing about its redevelopment.’