By Oliver Clark.

A property firm has signed a €34 million, 7 year agreement to develop 400,000sqft of land at the Inverness Airport Business Park (IABP), and bring in new tenants, in a move that is expected to create 700 jobs.

IABP, a public-private partnership venture set up by original landowner, Moray Estates Development Company Ltd; Inverness Airport operator Highlands and Islands Airports Ltd and local enterprise agency, Highlands and Islands Enterprise,

Roxhill Developments takes over the property in a joint venture between Highlands and Islands Airports, Moray Estates and Highlands and Islands Enterprise - and will develop offices, warehouses, industrial builings at the site.

"This is one of our most significant investments to date and we look forward to developing at Inverness Airport Business Park. Inverness is a fast growing city, yet it has a real shortage of industrial space. We look forward to making early announcements," said David Keir, Roxhill's executive chairman.

He said building work will be underway before the end of this year, with businesses open on site in 2012, Roxhill has appointed local commercial property agent Colliers and Ryden to manage the site.