Cash boost for Markham Vale Enterprise Zone

Sheffield City Region’s Enterprise Zone is set to receive more than £14 million to speed up the delivery of vital infrastructure for the Markham Vale logistics development.

The money will come from a £100 million ‘nuts and bolts’ fund designed to transform land at enterprise zones across the country and fast-track new jobs in key industries, Communities Secretary Eric Pickles has announced today.

As part of the Government’s long term economic plan, 12 bids have been shortlisted from locations across the country to share the cash pot.

Markham Vale, a leading logistics and distribution park off the M1, could win up to £14.2 million.  The grant will generate a further £95.7m of private sector investment, create more than 2,100 jobs and build new access roads, around 16,720 sq m of commercial floor space, and unlock a further 33 Ha of land for development.

The £100 million set to be released by Government will fund projects such as road building, refurbishment, utility supply and land clearance to unlock previously dormant areas and turn them into prime economic sites that attract new businesses and develop local economies.

Across the country the funding for road building, refurbishment, utility supply and land clearance will lead to 3.5 million square metres of land being brought back into use and the creation of 124,000 square metres of new commercial floorspace by 2015 (over 10 football pitches).  In addition 10km of new road and 2 new bridges will be constructed, reducing congestion for residents and increasing the access to new Enterprise Zone sites for business.

Communities Secretary Eric Pickles said:

“Enterprise zones are at the centre of our long-term economic plans to build a stronger, more competitive business environment and a better future forBritain.

“This funding will give these areas the infrastructure they need to attract more investment, support the growth of local businesses and create up to 3000 jobs for hardworking people across the country.”

James Newman, Chairman of the Sheffield City Region Local Enterprise Partnership, said:

“The UK economy will be getting an excellent return on this investment from Government which will help to unlock more than £80 million of new business investment and over 2,000 new jobs for the Sheffield City Region.

“The Government’s decision to invest £14 million in our Enterprise Zone will be welcomed by international investors looking to set up in the Sheffield City Region. This important funding will enable us to meet unmet investor demands by making improvements to our Enterprise Zone at Markham Vale, including medium-sized business units and developing larger areas for bigger investors.

“Improvements at Markham Vale will help us to build on the success of our Enterprise Zone, which in its first year attracted 15 new occupiers, created 228 new jobs and was picked out as the number 1 UK free zone by the Financial Times.”

Since they opened for business in April 2012 Enterprise Zones have laid firm foundations for success, attracting international companies, building centres of excellence in key industries such as automotive, pharmaceuticals and renewable energy, and delivering the infrastructure and training that will ensure that Britain continues to be competitive and successful on the global stage.

In total they have:

·         attracted 250 businesses

·         secured £1.1 billion of private sector investment

·         created over 7,000 jobs.

Source:Sheffield City Region