Enterprise Zones are Go!

Tom Morley

13th April, 2012.

Enterprise Zones are Go!

By Tom Morley, Associate Director

The Midlands Enterprise Zones have gone live as of the first week after Easter.

The incentives now available are up to 100% rate relief for up to 5 years and capital allowances of 100% helping to offset costs on tools and equipment.

Eric Pickles the Local Government Secretary heralds planting these “economic incubators to help accelerate growth, rebalance our economy with thousands of new businesses and local jobs”.

Only time will tell whether the new Enterprise Zones will deliver the new growth that is hoped for.

At Harris Lamb we certainly think that one or two of the areas designated across the Midlands can have a positive effect to drive both regeneration and new investment.

The Enterprise Zone in the Potteries especially but also the Black Country Enterprise Zone where Jaguar Land Rover is building a £355 million engine plant on the i54 Business Park.  The first phase comprises 70,000 square metres with a second expansion phase of around 65,000 square metres.  The plant will employ 750 staff and is due to be in operation by 2014.

Birmingham City Centre Enterprise Zone includes 26 sites across the city centre in seven clusters at Westside, Snow Hill District, Eastside, Southern Gateway, Digbeth Creative Quarter, Birmingham Science Park Aston and the Jewellery Quarter.

From a personal point of view having recently walked through the Custard Factory in Digbeth’s Creative Quarter, rather than driving around it as I normally do, I was quite blown away by the hive of activity and diversity in businesses that are down there.  If Enterprise Zone Status can help a wider area than just Bennie Grays Custard Factory then that could seriously add to what is already a thriving ‘micro’ area for business.

We will be actively trying to do business for clients locating in Enterprise Zones and helping developers and investors to make the most of the opportunities that will hopefully come forward.

For help on any property projects involving Enterprise Zones then please call one of the agency and investment teams at Harris Lamb.

Tom specialises in industrial and office agency in the Midlands. If you have a requirement, or a property to sell or rent, Tom can be contacted on 0121 455 9455 or email: thomas.morley@harrislamb.com

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