Thursday, October 27, 2022

News: South Yorkshire's Investment Zone sites revealed


A number of sites have been put forward to the Government for a proposed new Investment Zone which aims to bring business investment and release land for new homes in South Yorkshire.

The majority are in Sheffield with the Gateway East site in Doncaster only to be included if Doncaster Sheffield Airport (DSA) remains an operational airport.

As part of the Government's recently announced Growth Plan, Investment Zones will drive growth and unlock housing across the UK by lowering taxes and liberalising planning frameworks to encourage rapid development and business investment.

However, the future of Investment Zones is up in the air, given the recent installment of another new Prime Minister.

South Yorkshire was one of 38 initial areas keen to establish investment zones in England.

Measures could include 100% business rates relief on newly occupied and expanded premises and full stamp duty land tax relief, with the need for planning applications minimised. Authorities have been promised 100% of the business rates growth above an agreed baseline in designated sites for 25 years and a single local growth settlement.

The Local Enterprise Partnership (LEP) is to discuss the issue next month and address how Investment Zones can help South Yorkshire leverage greater investment and better enable fairer, sustainable growth.

Discussion points centre on public and private sectors working together, the displacement of jobs and investment from within the region and the impact on the mayoral combined authority's Net Zero ambitions.

The sites submitted to Government:
• Goldthorpe Investment Zone
Mixed Use site of 26.3 hectares intended to create 2,413 gross jobs and 638 new houses
• Northeast Doncaster
Mixed Use site of 502 hectares intended to create 16,000 new jobs and 3,350 residential dwellings
• Doncaster City Centre
Mixed Use site of c.110 hectares with the potential to regenerate Doncaster City Centre through better employment opportunities, new commercial accommodation, residential development and inward investment.
• Sheffield Olympic Legacy Park (AMID)
Commercial site of 32.4 hectares intended to create 5,800 additional jobs
• Sheffield Business Park & University of Sheffield Innovation District (AMID)
Commercial site of 45.6 hectares intended to create 3,124 additional jobs
• River Don District (AMID)
Commercial site of 18.4 hectares intended to create 5,000 additional jobs
• Wider Sheffield-Rotherham Economic Corridor
Mixed Use site with potential to provide better employment opportunities, housing and inward investment to connect with existing nearby clusters in advanced manufacturing, R&D and retail developments.
• Sheffield Station Sheaf Valley
Mixed Use site of 4.94 hectares intended to create 760 new houses, 7,800sqm office space, 11,700 sqm ground floor commercial space and 2,975 sqm ancillary space
• Moorfoot (Sheffield)
Residential site of 8.6 hectares intended to create 2,120 new houses
• Furnace Hill (Sheffield)
Residential site of 5.91 hectares intended to create 846 new houses
• Neepsend (Sheffield)
Residential site of 2.6 hectares intended to create 1,005 new houses

The decision over Gateway East highlights the current situation with the South Yorkshire Mayoral Combined Authority and Peel after the investment enterprise announced that it was winding down operations at DSA.

Gateway East was put forward as a location for a Freeport in 2021 but South Yorkshire was not one of the areas selected for a Freeport by the Government.

A report to the South Yorkshire Local Enterprise Partnership states: "The MCA submission, on the basis that Doncaster Sheffield Airport (DSA) remains an operational airport, also included the potential for DSA and the adjacent Gateway East site to be considered.

"A response from Government is expected within the coming weeks with details of decisions on each of the sites including which incentives can and will be applied."

The Government indicated that they would expect to see Investment Zone designation and the benefits of that designation to be in place by April 2023.

SYMCA website

Images: Bond Bryan / Sheffield Business Park


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