Enabling the private sector to open up new employment sites, or expand existing ones, sometimes simply requires additional access to finance that is unavailable commercially.
As a largely rural geography, we need to maximise and deliver the limited number of sites where there is strong market demand for new high value business space.
We are addressing market failures for specific sites, fast-tracking the take up of space through tailored incentives and driving inward investment on a site specific basis, via relationships with the property industry and key intermediaries.
To date, we have invested in the following:
- The expansion of Whitby Business Park, which was provided with £2.5 million.
- £0.9 million for the expansion of A1M50 Melmerby Business Park, Ripon.
- £2.7 million towards the development of the National Agri-Food Campus at Sand Hutton,York.
- £2.95 million loan investment in expanding the logistics capacity in the key location of Sherburn, via the Sherburn2 Business Park.
- £1.5m towards a £4.87m project to replace and improve Scarborough Bridge in York
£1.5m of Growth Deal funding has been put towards a £4.87m project to create a new, ‘shared user’ bridge over the river Ouse. The bridge will accommodate both cyclists, pedestrians and commuters between the city centre and York railway station, whilst improving ease of access.
Improvements will include replacing the current narrow (1.3m wide) bridge and its tight stairs on the flood prone river banks with a much wider (3.7m) bridge that incorporates ramped access along both sides, extending into the railway station and suburbs on either bank.
The Sheburn2 Business Park
The Sherburn2 Investment will provide the finance for site infrastructure to open up a 35 hectare employment site for industrial warehousing usage. This will lever in a further £70 million of private sector investment to produce a site with an end capital value of circa £95 million and with the capacity to house up to 2,500 new jobs. Repayment of the LEP loan plus interest will come from the sale of the serviceable plots created by the developers.
Work at the site has now started, you can read more about it here
York Central Enterprise Zone
York has significant advantages for inward investment, including the highest proportion of degree educated people in the North of England and good rail connection across the country.
When developed, York Central will deliver high value economic growth for the area, providing a high quality, grade A city centre office development, creating up to 8,000 jobs and adding an estimated £1.1b to the local economy.
By securing Enterprise Zone status for the site, 100% of business rates for the next 25 years are retained to reinvest locally, estimated at £100m. This will enable key infrastructure to be delivered.