Plans to attract new investment and jobs to Helston Business Park have taken a step forward following the sale of the land to a local developer.

The Homes and Communities Agency has sold the 15 acre site to an investment fund operated by businessman David Martin, following its marketing of the site last year.

The agreement means Mr Martin will take responsibility for progressing plans to develop the space for new businesses.

Mr Martin already owns neighbouring land including the nearby Tresprison Business Park.

The Agency has also agreed an option with housing company Coastline to bring forward proposals to develop 18 affordable homes for older people, on a small plot to the south west of the site. This proposal is subject to consultation and the approval of Cornwall Council’s planning department.

The deal marks a significant milestone for Helston Business Park, which has been earmarked for new businesses and has remained undeveloped since being bought by the South West Regional Development Agency in 2001.

Ian Knight, the Homes and Communities Agency’s head of area, said: “Since we took ownership of this site in 2011, we have worked to find a private sector partner who can unlock the potential local people see in this site.

“Our agreement supports this ambition and the opportunity is there for new investment, jobs and prosperity at Helston Business Park.

“Coastline has also expressed interest in part of this site and their ideas could secure affordable housing for older people, which is badly needed across Cornwall. Providing housing for older people on a small part of the site whilst maintaining a clear focus on attracting new business and investment to Helston is a ‘win win’ for the area and the partners involved.

“I hope this agreement signals the start of an exciting new future for Helston Business Park.”