Chancellor Rishi Sunak, in his Spring 2021 Budget announcement confirmed that Freeport East, including Gateway 14 at Stowmarket and Port One at Great Blakenham, will be one of the first locations in the UK to be awarded Freeport status, bringing a range of business and investment benefits to the region.
The government’s Freeports initiative will allow firms to import goods and then re-export them outside normal tax and customs rules and the aim is to have 10 Freeport sites designated across the UK by the end of the year.
Gateway 14 at Stowmarket which is located adjacent to Junction 50 of the A14, connecting the major east coast port of Felixstowe into the UK motorway system, is currently in for planning to provide up to 2.45m sq ft of Business, innovation, warehouse and industrial space.
The development is being promoted by Gateway 14 Ltd (wholly owned by Mid Suffolk District Council) and Jaynic that has a strong track record of implementing infrastructure and delivering high quality business and logistics parks on a speculative and bespoke basis in the East Anglian region.
Freeport East has stated that its ambition is to create manufacturing, green energy and innovation hubs that capitalise on the unique qualities of the Eastern Region and will become an important part of the regions post-Covid recovery.
Sir Christopher Haworth the chairman of Gateway 14 Ltd, said: “Gateway 14, along with the other key sites in Felixstowe and Harwich, is in a unique position to support business growth across multiple sectors from large manufacturers to smaller start-ups, all of which will be key to supporting our local economy and creating job opportunities,” added Haworth
Nic Rumsey, managing director of Jaynic, said: “The confirmation of Freeport East as one the UK’s first Freeport sites is very welcome news for Gateway 14. The opportunities that the Freeport status will bring to Gateway 14 and the wider region will help us deliver our ambitions to encourage innovation, attract investment and support business growth.”
Gateway 14 bridges the gap between the Midlands and one of Europe’s largest and busiest container ports at Felixstowe and is the country’s primary route for export to European and global markets, opening gateways to business.
Agents for the scheme are Savills and Avison Young.
