The government has named a series of ‘enterprise zones’ designed to rebuild and shape local economies throughout the UK; amongst the new zones is the Northampton Waterside.
The zones will benefit from discounts on business rates, new super-fast broadband, lower levels of planning control and the potential to use enhanced capital allowances; the overall objective being to accelerate local economic growth and create over 24, 000 new jobs by 2015.
What does this mean for Northampton?
The Northampton waterside was designated as an enterprise zone after a bid was submitted from the South East Midlands Local Enterprise Partnership (SEMLEP).
Amongst the plans is an initiative by the University of Northampton for a Northampton Innovation Centre, combining academic expertise with major corporate sponsorship, enabling closer links between the university and the local business community.
Advanced technologies and engineering would also strengthen the reputation of the Motorsport Valley, a global hub for the motor sport industry, as a recognised area for innovation and engineering, attracting investors from across the globe.
Councillor and leader of Northampton Borough Council (St. Giles Square, Northampton, NN1 1DE), David Palethorpe, said:
“An Enterprise Zone would unlock Northampton’s potential to create a vibrant and exciting business community and economic hub. This would not only be good for our town but the whole region. We have excellent transport links and a reputation for engineering and innovation with many motorsport and high performance engineering businesses in the local area – and now have the opportunity to harness this by creating an Enterprise Zone. “
The creation of new jobs and businesses throughout the Northampton region would also support the transformation and development of the town’s riverside. More than 120 hectares of waterside land is now available for conversion into high value commercial and industrial floor space.
An increase in development and regeneration throughout Northampton will also have a significant impact on the local property market, with home owners and purchasers seeking to capitalise from the economic growth. A high turnover in property transactions can increase the potential for conflicts and problems to arise; individuals should rely upon the knowledge and experience of a Solicitor specialising in Conveyancing in Northampton to handle all the legal matters involved in a home sale or purchase.
David Kennedy, council chief executive, said: “This is a great success and opportunity for Northampton.
“Congratulations to home owners and residents of Northampton.”