WORK has begun on the first speculative development at Team Valley Trading Estate for almost a decade, heralding a flurry of building activity on the landmark business park.

Owners UK Land Estates say the new industrial unit at Queens Court signals an end to the recession-hit years when lack of funding and confidence affected the market.

They are ready to follow up the Queens Court development by building three units at Dukesway Central and plans are in the pipeline for even more building work.

Construction director Adrian Bartle said: "It's a big turning point for the estate in particular but the industry in general for there has been little or no speculative development in the region in the past eight years.

"There has been some recently, but that has been done with Government grant funding while this is privately funded."

Queens Court was the location for the last speculative development on Team Valley and the erection of this single unit 11,600 sqft building will complete that part of the estate.

The building, which includes office space, should be finished by March next year.

Before then UK Land Estates hopes to be well on with the building of three units covering 55,000 sqft at Dukesway Central.

Managing Director Keith Taylor said: "This is evidence of our belief and commitment to industry in the region.

"We are always keen to support local business and this move was largely under-pinned by the volume of inquiries for property and the fact that we saw a lack of quality stock available in the market place.

"We spoke to our partners and they agreed with us that now is the time to get building again.

"It is our intention to follow on, with the next industrial development taking place at Dukesway Central early in the New Year, and other planning applications will hopefully follow."

UK Land Estates formed a joint venture with US-based Northwood Investors, a privately-held real estate investment advisor, earlier this year.

Team Valley is one of the country's largest business parks - and is the largest under single ownership.

Work began on the Team Valley Trading Estate in November 1936 and when it opened it was effectively the first enterprise zone in the country.

It was hailed as "the greatest achievement of industrial planning Europe has ever seen" and the official opening was performed on February 22 1937 by King George VI and Queen Elizabeth.