BUSINESS is set to boom in Portsmouth after lucrative plans to transform an already thriving business park were revealed.
Tens of millions of pounds will be spent refurbishing old IBM offices off Western Road to meet demand for more quality work space.
It’s fantastic people are investing here. We clearly over the last five years have created a real buzz around the city.Portsmouth North MP Penny Mordaunt
The major investment is being led by Northwood Investors, which owns the estate where the 2000 and 3000 Lakeside buildings are based.
The site is also home to 1000 Lakeside, a business hub already nearing capacity.
The aim is to bring in more firms that are eager to set up life at Lakeside, which is home to more than 75 companies with 3,000 workers – including The News.
And community leaders say the move is a positive step and shows the region’s economy is on the up.
Portsmouth North MP Penny Mordaunt said: ‘It’s fantastic people are investing here.
‘Clearly, over the last five years we’ve created a real buzz around the city.
‘We are changing the impression of Portsmouth.
‘What we have done is develop the amazing businesses we have here. We now have the biggest export record in the UK.’
Maureen Frost, deputy chief executive of Hampshire Chamber of Commerce, is also pleased by the move.
‘We’re delighted to see these plans coming forward,’ she said.
‘Portsmouth will certainly benefit from further high quality business space.
‘The plans will enhance the facilities already at Lakeside, strengthening it as an employment hub and aiding more businesses that want to relocate there.’
IBM is to keep its 4000 and 5000 Lakeside buildings and a data centre at the site.
Havant MP Alan Mak said: ‘It’s a welcome investment that shows confidence in our region.
‘In Havant, we’re open for business too, with big opportunities at Dunsbury Hill Farm, Market Parade and Langstone Technology Park for new local jobs and investment.’
More details about the proposals and costs will be revealed soon.