Waveney District and Great Yarmouth Borough Councils have commissioned Norwich-based Building Partnerships Ltd. to review their six Enterprise Zones sites across Lowestoft and Great Yarmouth.
Enterprise Zones are designated areas across England that provide tax breaks, simplified planning and enhanced Government support to drive business investment and growth. Enterprise Zones form a key part of the Government’s Industrial Strategy.
The Lowestoft and Great Yarmouth Enterprise Zones, launched in 2012 and expanded in 2018, cover over 130 hectares of land and aim to attract at least 200 businesses, generating more than 9,000 direct jobs over its 25-year life span.
To date, they have delivered a staggering 1,720 news jobs across 59 businesses. 55,000 sq.m. of new commercial floorspace has been built, attracting £48 million of private sector investment.
Paul Knowles, Chairman at Building Partnerships Ltd. said “We’re delighted to have been commissioned to deliver this review of the Lowestoft and Great Yarmouth Enterprise Zones, recognised as one of the best performing Zones in the country for stimulating investment and job creation.
“Our job is to review what has been instrumental in bringing forward these sites to date, to test and refine demand for the type of amenities business need, and then find new and alternative ways to accelerate investment in infrastructure, buildings and facilities.”
The Zones are focussing primarily on the energy sector and its supply chains, recognising the importance of the oil & gas, offshore renewables, and nuclear power sectors to the local area.
This latest review will inform future investment and development on the six sites. Building Partnerships is working closely with energy-sector specialists Nautilus Associates Ltd. and local property experts from Brown & Co.
Based on recent capital investment forecasts in energy projects from Nautilus, the region could see more than £59 billion invested in new offshore energy and infrastructure projects between now and 2040, with more than half of all forecast spend being in offshore wind.
Johnathan Reynolds, Director at Nautilus Associates, said “We are seeing huge new investments in new offshore wind projects off the East Anglian coast, with an annual operational spend close to £1.3 billion per year by 2025. Offshore oil and gas activity is picking up following the most recent downturn, and decommissioning projects are now being contracted. It is an exciting time to be in the energy supply chain with so many opportunities for growth.”
Businesses and organisations are being consulted to gather intelligence on their plans for growth over the coming years, and to explore the types of facilities that may be required to meet those needs.
An online survey and facilitated workshop dates have been announced. The survey will take no more than 5 minutes to complete and is available at https://www.surveymonkey.co.uk/r/enterprisezoneconsultation
Free-to-attend workshops will be held at the Marketing Suite on the Beacon Park Enterprise Zone on Monday 18th March and at OrbisEnergy, Lowestoft on Tuesday 19th March.
For more information and booking details, go to:
· Great Yarmouth workshop – https://www.eventbrite.com/e/great-yarmouth-lowestoft-enterprise-zones-consultation-workshop-tickets-57523485293
· Lowestoft workshop – https://www.eventbrite.com/e/lowestoft-great-yarmouth-enterprise-zones-consultation-workshop-tickets-57523676866
If you own or operate a business that is interested in development opportunities on the Lowestoft and Great Yarmouth Enterprise Zone sites, please contact [email protected]