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A potential £3m redevelopment of Oakdale Business Park has moved a step closer after Caerphilly County Borough Council’s cabinet agreed to release funds.

The cabinet agreed to release £85,000 to help Welsh Government secure the necessary land for the development.

A report on the issue stated: “The former colliery site has been transformed into a high quality, prestigious business park served by a strategic highway and transportation corridor on the eastern fringes of the county borough.”

The business park is split into four areas and is the largest employment site in the county borough, occupying 162 hectares of land.

A third of ‘Plateau 1’, an area of the business park, has already been developed on by IG Doors, with infrastructure such as a research and development building. However, the remainder remains undeveloped.

The land is currently owned by the council, which is working with the Welsh Government’s Department of Economy and Infrastructure to transfer the land over.

This will allow the Welsh Government to provide the necessary investment – estimated at £3 million – to bring the site forward for development.

The report says “certain restrictions need to be removed, which were imposed when part of the site was originally sold”.

It says: “The current occupiers of the site are willing to consider lifting these restrictions through a deed of variation if the council agree to their claim for payback regarding the retention sum held by the council on their original development.

“The cost of which is estimated to be up to £85,000, accounting for inflation and associated legal fees, though discussions remain ongoing.”