These are part of a record number of developments across Enterprise Zones and are playing a vital role in boosting the economy. They will deliver world-class infrastructure that will create more jobs on the Zone and provide knock-on benefits for people living nearby - from new services and infrastructure through to new business opportunities
The Enterprise Zone has become a real magnet for investment since it opened with developers so confident that they will let new buildings that they start work before having tenants lined up to move in.
This includes the Enterprise Zone’s flagship development, The Incubator which will provide 15,000 square feet of office space for small and start-up businesses. Completed last year, the multi-million pound development is now fully let and its striking design was named best in the Midlands in its category at the British Council for Office’s 2014 design awards. In light of its success, further developments are being considered at the Zone.
Tim Leathes, Development Director for site owners and developers Urban & Civic said: “The Incubator has really delivered for us in setting the quality and tone for what Alconbury Enterprise Zone is all about, and crucially bringing in businesses as tenants and through the regular networking events and meetings we host. It has a great buzz about it. In testing the market, and continuing to work with a number of companies who want to come to the site, it has given us confidence to progress two further new speculative builds and we are already talking to tenants to fill them.”
Communities Secretary Eric Pickles said: “Enterprise Zones are a great place to do business. That’s why these developers are channelling millions of pounds into these investments. It proves that our long-term economic plan is on track, helping deliver the kind of world-class infrastructure that attracts top companies. And that’s great news for the economy and communities because it’s these kinds of businesses that will create jobs for hard-working people.”
The 24 Enterprise Zones are at the heart of the Government’s plans to rebalance the economy offering world-class infrastructure and top-class growth incentives for companies across a range of key sectors including aviation, manufacturing and life sciences. This business focussed approach has led to a record number of speculative developments across the Zones where developers go ahead with buildings and then find tenants.
More than £230 million have been committed to 31 projects across the Enterprise Zone programme so far, meaning at least 1.8 million square feet of new office and industrial space will be rolled out by 2018 - the equivalent of more than 23 Wembley football pitches.
Around 250,000 square feet of that work has already been completed with developers pushing ahead to finish a further 500,000 square feet by summer, paving the way for up to 2,200 jobs. Businesses have already snapped up more than half of the space that is currently available.
Enterprise zones have attracted more than 430 new businesses and generated over £2 billion worth of private investment since opening for business in April 2012.