The Suffolk Park business scheme is adjacent to the new Eastern Relief Road leading to junction 45 of the A14 and will provide up to two million sq ft of business, distribution and industrial space.
The outline consent will allow for a B1 (office, research and development, and light industrial) and B8 (warehousing, storage and distribution) development.
New Anglia Local Enterprise Partnership has invested £10m to link the site directly to the A14 and selected it for enterprise zone status.
Chris Starkie, managing director of New Anglia Local Enterprise Partnership, said that Suffolk Park offered enormous potential for inward investment and economic growth.
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“Planning consent takes the site to the next stage, allowing more businesses to benefit from discounted business rates, simplified planning and superfast broadband and from the excellent infrastructure Suffolk Park will soon have,” Chris added.
A spokesman for St Edmundsbury Borough Council said: “This is a significant step in successfully bringing forward this major employment allocation on the east side of Bury St Edmunds.”
The council has loaned money to developers to design the Eastern Relief Road, invested money in the road itself as well as negotiating the land deals.
The spokesman concluded: “All of this is part of our strategic priority to enable economic growth, lifting skills and expertise across West Suffolk and with it levels of pay, creating new opportunities for younger people as they leave education.”