Experts at national commercial property consultancy Lambert Smith Hampton (LSH) have given an enthusiastic welcome to the Government’s decision to approve South East Midlands Local Enterprise Partnership’s nomination of Northampton’s Waterside district as an Enterprise Zone.
They say it could provide more than 20,000 jobs and provide an attractive home for new and innovative companies to flourish and grow.
Stephen Hemming, LSH Director of Planning, Development and Regeneration, said: “This is a good decision for Northampton. It will support the economic growth of the area and makes Northampton a commercially attractive place to locate. It has the potential to attract fresh investment, create jobs and result in an environment in which young businesses could thrive.”
Enterprise Zone status means companies can enjoy tax breaks and reduced planning restrictions. Incoming employers will be exempt from business rates for five years, and the local authority can keep extra business tax revenue to re-invest in encouraging enterprise and jobs. The bid was backed by a strong partnership of businesses, local authorities and other organisations in the region.
Ian Leather, head of LSH’s Northampton office said, “The Waterside bid had strong support, including from the University of Northampton. Enterprise Zone status will help support the University’s plans for a Northampton Innovation Centre which will bring together business and academia.”
He added: “Enterprise Zone status will help developers and investors, and encourage much-needed speculative development as well as providing the spur for incoming tenants and occupiers. Improvements in infrastructure will provide further encouragement.
“With the prospect of a five year exemption from business rates, the area is bound to become a more attractive location. Although funding for development remains tight, Enterprise Zone status can give developers the encouragement needed to push ahead with their plans.”
