A NEW £3m investment in Tweedbank’s Innovation Park will unlock the potential of the key economic site.

The financial award courtesy of the regeneration body South of Scotland Enterprise (SOSE) will support Scottish Borders Council (SBC) to take forward the next phase of the development, which aims to provide new inward investment opportunities for business, as well as new higher paid jobs.

The park will also sit alongside new housing and a care village for older people that will be developed as part of a larger regeneration project for the area.

The Innovation Park is to be situated next to Tweedbank railway station and also in the current Lowood Estate, and is predicted to ultimately create around 350 jobs. The project has an estimated gross added value for the Borders economy of over £200m.

SOSE’s £3m investment over three years will provide a new access road through the Lowood Estate, road connection to Tweedbank railway station and almost 400 square metres of hybrid work units and commercial space.

The Borders Innovation Park project is being led by SBC and the Edinburgh and the South East Scotland City Region Deal. The development is part of the council’s overall Tweedbank Masterplan which aims to create a high-quality place to live, work and invest.

SBC has already completed phase one of the Innovation Park, with the creation of the Inspire Learning Centre beside the station.

Jedburgh councillor Scott Hamilton, SBC’s executive member for community & economic development, said: “The announced funding from our partner SOSE is extremely welcome news and helps fund a critical next step in the development of the Borders Innovation Park at Tweedbank.

“The site has incredible potential and will help to transform our area’s economy by tapping into nearby transport links like the Borders Railway and attracting new workers, home-owners, businesses and visitors to the region.

“All of this together will help stimulate new rural economic growth while delivering lasting benefits to the wider region.”

Professor Russel Griggs, chair of SOSE, added: “We are committed to working with our partners to help create a stronger rural economy, with the Borders Innovation Park playing a significant role in achieving this aim.

“The Innovation Park has community ambition at heart of it and can help the Scottish Borders become a more competitive location, able to attract new investment and support existing businesses to thrive, grow and fulfil their best potential.”