It is expected that more than £15m will be used to unlock 22 acres of land for the development of new commercial space and up to 90 new homes.

The investment would also support the development of 25,000 sq ft of new advanced manufacturing business space beside the airfield on the site.

It is estimated that the investment would create around 220 construction jobs and nearly 680 jobs when work is complete.

Communities Secretary Eric Pickles, said: “This over £25million boost for the Solent Enterprise Zone will unlock its huge potential to deliver growth, homes and jobs and make a real difference to Gosport.”