It will see major improvements to the East Hill junction, off the A30 dual carriageway, which are crucial to a wide range of regeneration projects in the area.
The works are being forward funded by English Partnerships, the national regeneration projects in the area.
The works are being forward funded by English Partnerships, the national regeneration agency, and will be managed by Cornwall County Council, in close collaboration with the Highways Agency.
The scheme should be completed by the end of 2009.
Over the last 18 months CPR Regeneration, the urban regeneration company for Camborne, Pool and Redruth, has been negotiating to buy the land needed for the improvement works.
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With funding from English Partnerships, the bulk of the land for the road improvement scheme has now been secured, with a few small remaining pieces of land at the advanced stages of negotiation. To ensure the timely delivery of the project and to resolve any outstanding ownership issues, the South West RDA has served a Compulsory Purchase Order (CPO) covering only the area of the junction improvements.
Miles Carden, area development manager for developer Priority Sites, which is developing a range of workspace in the Pool area, said: "These improvements give a clear signal to commercial developers that the regeneration of Pool is now 'in business' and will do a huge amount to increase the confidence that plans are progressing."
In total there are approximately 60 acres of mainly brownfield land in Pool that has already been being acquired by English Partnerships and the South West RDA to bring forward the comprehensive regeneration of the area following a series of deals brokered by CPR Regeneration.
The RDA's Compulsory Purchase Order is the first of three being proposed by the RDA in Pool. The two other orders relate to regeneration proposals along Trevenson Road and Dudnance Lane, and will follow later.
(JM)
