Cheltenham Borough Council buys land for cyber business park
Land to build a cyber business park near GCHQ has been bought by a council for £37.5m.
Cheltenham Borough Council said the money went on 45 hectares of land which would also include up to 3,000 new homes.
The council said it would create jobs and "build on the area's specialist expertise in cyber technology".
Executive director of finance Paul Jones said the money used to buy the land was from "short-term loans".
Mr Jones added he had "confidence independent auditors would back the plan".
A separate £22m scheme is also currently under way which will see extra lanes added to the Arle Court roundabout junctions and increasing capacity at junction 11 of the M5.
Further plans, including adding extra lanes past GCHQ and improving cycling and pedestrian access from Cheltenham Spa railway station, are expected to be revealed later this year.
The scheme to build the cyber business park has been developed in partnership with Tewkesbury Borough Council, Gloucestershire County Council and the Gloucestershire Local Enterprise Partnership.