News: Funding boost for Enterprise Zone
Days after being shortlisted for government funding to unlock the housing development on the £100m Waverley site in Rotherham, land owner and developer, Harworth Estates, has been shortlisted for government investment in infrastructure around the same site.
The Sheffield City Region Enterprise Zone is based on a series of key sites that focus growth within the advanced engineering and technology sectors.
These include a number of key employment sites in Rotherham such as areas of the Advanced Manufacturing Park (AMP) at Waverley.
The UK's 24 Enterprise Zones were able to bid for £59m of investment in infrastructure for sites which can deliver growth by 2015. Harworth's scheme has made the shortlist and could secure cash to support infrastructure that would enable around 1.2m sq ft of employment floorspace.
Plots with EZ status include land that is planned to be home to the new R-evolution @ the AMP development and adjacent land known as Highfield Commercial.
Harworth stated that it had provisionally been awarded over £10m and plans to use it to provide essential utility infrastructure such as new roads and a water and waste water pipe network.
As part of the wider regeneration of the Waverley site, which includes a new community of 4,000 houses, the developers hope that Waverley will create around 7,000 new jobs and contribute over £1 billion to the local economy as it is built out over the next 20 years.
Also shortlisted is the second phase of development at the nearby Sheffield Business Park which involves developing around 900,000 sq ft of employment floorspace on the former runway of Sheffield Airport.
Andy Rose, chief executive at the Homes and Communities Agency, which is administering the fund, said: "The response from the enterprise zones to this investment opportunity demonstrates just how crucial upfront infrastructure is to development.
"It is great news that this additional investment means more priority sites can be funded than first thought, creating more jobs in the areas that need them. We will now work with partners to refine the bids and ensure the investment is helping to maximise economic growth in local communities."
Owen Michaelson, chief executive for Harworth Estates, said: "We'll now go through a period of due diligence, but hope to be investing this money by late summer. As well as providing on-going investment in our Advanced Manufacturing Park providing hundreds of new jobs, it will also help to provide quality new homes.
"With the University of Sheffield, Boeing and Rolls-Royce already building new facilities at the AMP, this investment will really help us make Waverley one of the best sites for high tech manufacturing jobs in the country".
James Newman, chairman of the Sheffield City Region Local Enterprise Partnership (LEP), said:"The LEP welcomes news that both Sheffield Business Park and Harworth Estates bids for Government Local Infrastructure Funding (LIF) have been given the go-ahead.
"This money will help to further enhance the Sheffield City Region Enterprise Zone's status as the UK's number one place for modern manufacturing and technology."
Companies located in the zone are benefiting from simplified planning rules and tax breaks for businesses. One of the main benefits that the zones will offer is a business rate discount worth up to £275,000 per eligible business over a five year period.
One of only six zones in England able to offer enhanced capital allowances, companies within the zone could also take advantage of 100% enhanced capital allowances to firms making significant investments in plant and machinery.
The Sheffield City Region Local Enterprise Partnership hope that the zone will create 12,600 jobs and attract around 250 new advanced manufacturing and technology-based businesses to the city region by 2015 – potentially rising to 20,000 jobs when the zone is fully developed.
All business rates growth within the zone for a period of at least 25 years will be shared and retained by the Sheffield City Region, to support the Local Enterprise Partnership's economic priorities and ensure that Enterprise Zone growth is reinvested locally.
Harworth Estates website
Sheffield City Region Enterprise Zone website
Images: Harworth Estates
The Sheffield City Region Enterprise Zone is based on a series of key sites that focus growth within the advanced engineering and technology sectors.
These include a number of key employment sites in Rotherham such as areas of the Advanced Manufacturing Park (AMP) at Waverley.
The UK's 24 Enterprise Zones were able to bid for £59m of investment in infrastructure for sites which can deliver growth by 2015. Harworth's scheme has made the shortlist and could secure cash to support infrastructure that would enable around 1.2m sq ft of employment floorspace.
Plots with EZ status include land that is planned to be home to the new R-evolution @ the AMP development and adjacent land known as Highfield Commercial.
Harworth stated that it had provisionally been awarded over £10m and plans to use it to provide essential utility infrastructure such as new roads and a water and waste water pipe network.
As part of the wider regeneration of the Waverley site, which includes a new community of 4,000 houses, the developers hope that Waverley will create around 7,000 new jobs and contribute over £1 billion to the local economy as it is built out over the next 20 years.
Also shortlisted is the second phase of development at the nearby Sheffield Business Park which involves developing around 900,000 sq ft of employment floorspace on the former runway of Sheffield Airport.
Andy Rose, chief executive at the Homes and Communities Agency, which is administering the fund, said: "The response from the enterprise zones to this investment opportunity demonstrates just how crucial upfront infrastructure is to development.
"It is great news that this additional investment means more priority sites can be funded than first thought, creating more jobs in the areas that need them. We will now work with partners to refine the bids and ensure the investment is helping to maximise economic growth in local communities."
Owen Michaelson, chief executive for Harworth Estates, said: "We'll now go through a period of due diligence, but hope to be investing this money by late summer. As well as providing on-going investment in our Advanced Manufacturing Park providing hundreds of new jobs, it will also help to provide quality new homes.
"With the University of Sheffield, Boeing and Rolls-Royce already building new facilities at the AMP, this investment will really help us make Waverley one of the best sites for high tech manufacturing jobs in the country".
James Newman, chairman of the Sheffield City Region Local Enterprise Partnership (LEP), said:"The LEP welcomes news that both Sheffield Business Park and Harworth Estates bids for Government Local Infrastructure Funding (LIF) have been given the go-ahead.
"This money will help to further enhance the Sheffield City Region Enterprise Zone's status as the UK's number one place for modern manufacturing and technology."
Companies located in the zone are benefiting from simplified planning rules and tax breaks for businesses. One of the main benefits that the zones will offer is a business rate discount worth up to £275,000 per eligible business over a five year period.
One of only six zones in England able to offer enhanced capital allowances, companies within the zone could also take advantage of 100% enhanced capital allowances to firms making significant investments in plant and machinery.
The Sheffield City Region Local Enterprise Partnership hope that the zone will create 12,600 jobs and attract around 250 new advanced manufacturing and technology-based businesses to the city region by 2015 – potentially rising to 20,000 jobs when the zone is fully developed.
All business rates growth within the zone for a period of at least 25 years will be shared and retained by the Sheffield City Region, to support the Local Enterprise Partnership's economic priorities and ensure that Enterprise Zone growth is reinvested locally.
Harworth Estates website
Sheffield City Region Enterprise Zone website
Images: Harworth Estates
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