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Advanced engineering and research site MIRA has been given the go-ahead for its £300m redevelopment plans. The company, which has been granted enterprise zone status and a £19.4m slice of Regional Growth Fund investment – is set to create 2,000 jobs on the 850-acre site in Hinckley.

Planning committees at both Hinckley and Bosworth Borough Council and North Warwickshire Borough Council gave unanimous support for the multimillion-pound Transport technology Park.

George Gillespie, chief executive of MIRA, said: "This is a pivotal moment in our 65-year history. It paves the way for an unprecedented period of growth for our business and will turn the international spotlight on our region – attracting investment, boosting jobs and benefiting local businesses.

"We have worked closely with both councils and the Highways Agency throughout the planning process and are delighted that this show of local support equals that which we have already received from government - which recently saw us granted enterprise zone status and awarded £19.4m from the Regional Growth Fund."

Work on the development is scheduled to begin in 2012 and will continue in phases over a ten-year period.

The redevelopment is part of the business’ long-term target to become the most advanced independent transport technology site in Europe.

Through the refurbishment, all inefficient existing buildings will be replaced by low carbon designs. A new engineering centre and technology park will also be created.

Councillor Stuart Bray, leader of Hinckley and Bosworth Borough Council, added: "We will continue to work in partnership with MIRA to help facilitate the early delivery of the scheme – which will bring thousands of highly skilled job opportunities to the area and transform the current site with modern, high tech and excellent quality sustainable buildings.

"The scheme will also bring about some long-awaited improvements to the A5 thanks to the RGF funding announced earlier this month. We can all look forward to junction upgrades at Redgate, Longshoot and Dodwells that will ease traffic flow and tackle congestion at these well-known bottlenecks and accident blackspots."