Investment in Lowestoft enterprise zone
- Credit: Keith Whitmore
Growing confidence in the economy has prompted developers to make multi-million pound investments in new buildings at Great Yarmouth and Lowestoft Enterprise Zone, the government says.
Communities secretary Eric Pickles said the investments were part of a record number of developments across enterprise zones and these were playing a 'vital role' in boosting the economy.
This includes work on nearly 150,000 square feet of office and industrial space at the Mobbs Way, Lowestoft, and Beacon Park, Great Yarmouth, sites on the Enterprise Zone.
Mobbs Way is nearly three-quarters full with work progressing on the next stage, and some speculative builds at Beacon Park are ready to go with others finishing later in the year.
Chris Starkie, managing director of New Anglia Local Enterprise Partnership, said: 'These speculative investments in New Anglia's Enterprise Zone clearly demonstrate a powerful vote of confidence in the enterprise zone and in the Norfolk and Suffolk economy.
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'With the majority of industrial and office space let, businesses are looking to drive forward growth and increase employment. We are working with partners to accelerate development across the enterprisezone.'
Mr Pickles said: 'Enterprise zones are a great place to do business. That's why these developers are channelling millions of pounds into these investments.
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'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.
Its aim is to provide world-class infrastructure and top-class growth incentives for companies across a range of key sectors including aviation, manufacturing and life sciences.
In an annoucement last week, the Department for Communities and Local Government said that more than £230million had been committed to 31 projects across the enterprise zone programme so far, meaning at least 1.8million square feet of new office and industrial space will be rolled out by 2018.
Around 250,000sq ft of that work has already been completed, with developers pushing ahead to finish a further 500,000sq ft 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, it said.
Enterprise zones have become 'a real magnet' for investment, the government said, attracting more than 430 new businesses and generating more than £2billion worth of private investment since opening for business in April 2012.
It was because of this that developers had been willing to invest speculatively, it added.
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