Warwickshire-based Roxhill has signed a seven-year agreement with Inverness Airport Business Park (IABP) to develop more than 400,000 sq ft of the business park at Inverness Airport.

IABP said the deal was one of the most significant for the Highlands in years and could lead create 700 jobs in seven years, leading to 1,200 in the next decade.

Roxhill expects to spend over £30 million developing Phase 1. The firm is now looking to secure occupiers for the 30-acre site, which is zoned for a hotel as well as mixed office, industrial and warehouse buildings.

Roxhill Executive Chairman David expects the site to open within 20 months: “This is one of our most significant investments to date and we look forward to developing at Inverness Airport Business Park.

“I would certainly hope to see infrastructure work underway before the end of this year, with businesses open on site in 2012.”

IABP is the result of a joint venture between Highlands and Islands Airports, Moray Estates and Highlands and Islands Enterprise, with support from Highland Council. It will work in partnership with Roxhill while continuing to market future phases of the 250Ha site.

Inverness Airport Business Park forms part of the A96 Growth Corridor, which links Inverness and Nairn and also includes the proposed new town of Tornagrain. The corridor is expected to accommodate around 30,000 people in the next 30 to 40 years.

Alan Price, Chairman of IABP, said: “Today’s announcement is hugely significant for the economic development of the Highlands and Islands. We are confident Roxhill will attract large occupiers to the business park, meaning jobs and investment for the area.