Cheltenham Borough Council has signed the concession contract with HBD X Factory for the first phase of the Golden Valley Development located in Cheltenham. HBD X Factory is a joint venture between UK property developer Henry Boot Developments (HBD) and the international innovation campus developer Factory. The estimated investment value for the project is GBP1 billion (USD1.38 billion).

The project will include the development of a 150,000 sq. ft National Cyber Innovation Centre in West Cheltenham. Golden Valley Development will span over 200 hectares and will provide 3,700 new homes, almost 12,000 new jobs, and 2 million sq ft of commercial space with Cyber Central UK at the heart of this thriving innovative campus for cyber and digital technologies. 

The project has received a GBP22 million (USD26.03 million) investment from GFirst LEP to improve transport infrastructure surrounding the Golden Valley Development site,  a further GBP180 million (US$212.99 million) funding available for the delivery of high-quality homes and GBP249 million (US$294.64 million) of Government investment being delivered by Gloucestershire County Council.