01 April 2016
Ambitions to transform the economy of the East boosting jobs, growth and innovation, take another step forward today as ten new Enterprise Zone sites go live.
Secured by New Anglia LEP and its local authority partners, the sites across Suffolk and Norfolk will help to create 18,500 jobs in the 25 year lifetime of the zone, including 5,000 jobs by 2021. With the theme “Space to Innovate” the EZ will showcase the world class expertise of the region, from cutting edge excellence in food and health research and ICT and creative digital to its thriving all-energy coastline. The sites will also be home to enterprise hubs helping entrepreneurs and young businesses develop and grow.
Benefits to businesses who move onto the sites include business rate discounts of up to £275,000 over five years, simplified planning and access to Superfast broadband.
The launch will be held at the King’s Lynn Innovation Centre (KLIC) based on Nar Ouse Business Park, one of the ten new EZ sites and the first building on the new zone. Owned and operated by enterprise agency Nwes the centre will be the flagship building on the site and aims to support new and existing companies and the commercialisation of ideas in order to deliver economic growth in the area. The £5m centre has been made possible with £3m from New Anglia LEP, £1.5m of funding from the borough council and £500,000 from Nwes.
Mark Pendlington, chairman of New Anglia LEP said: “Suffolk and Norfolk is already home to a thriving Enterprise Zone in Great Yarmouth and Lowestoft at the heart of our all-energy coastline. Today we can extend that success, to ten new sites across the East giving businesses locally, nationally and internationally the tools to begin a new venture or move their ideas forward and help create even greater momentum, wealth and success. Key locations across Suffolk and Norfolk include King’s Lynn in the west and Wells-next-the-Sea in the north, along the A14 corridor with Stowmarket and Bury St Edmunds and helping us shape our Ipswich Vision in the south. They will be a magnet for inward investment helping create thousands of jobs, enterprise and prosperity for their communities and our wider economy.”
It is estimated that the Enterprise Zone on the Nar Ouse Business Park at King’s Lynn will be home to over 60 businesses and over 800 jobs in the next five years. The 15 hectare site, with good connections to the strategic road links of the A47, A10 and A17, aims to stimulate new business and attract international companies in the food processing, agri-tech, advanced engineering and high-tech manufacturing sectors.
Cllr Nick Daubney, Leader of the Borough Council of King’s Lynn & West Norfolk, said: “These are exciting times for King’s Lynn and west Norfolk. The launch of the new enterprise zone, which incorporates the Nar Ouse Business Park, will really help to stimulate business growth and help King’s Lynn attract new investment. In turn this will bring more jobs and opportunities for the people of West Norfolk. The site has much to offer potential investors, including outline planning permission, superfast broadband and reduced business rates, as well as a comprehensive aftercare programme and support for accessing business grants.
“It is particularly fitting that the launch of the Enterprise Zone is taking place at the soon-to-open King’s Lynn Innovation Centre. This flagship Innovation Centre will be a hub for new and growing businesses, providing a wealth of expertise, knowledge and support.”
The King’s Lynn Innovation Centre, is due to open this summer and will provide high-calibre one-to-one advice, mentoring, workshops, and access to financial support for local businesses. As a contemporary commercial workspace it will also act as a catalyst for further highly skilled employment opportunities on the Nar Ouse Regeneration Area site.
John Balch, Nwes Strategic Director said: “Nwes is proud to host the launch of the Enterprise Zone at the King’s Lynn Innovation Centre (KLIC). This will be the stage for start-ups, entrepreneurs and growing companies to forge links, strengthen relationships and build a solid foundation for local economic growth.
“As managers of KLIC, Nwes will be there for them every step of the way with business advice, flexible tenancy terms and a supportive environment, helping local businesses flourish. This is truly an exciting time for business in King’s Lynn.”
The nine other Enterprise Zone sites that are also launching today are:
Ipswich, Suffolk – a cluster of sites to support the delivery of the newly developed Ipswich Vision, the blueprint for the regeneration of the town.
To view the full new Enterprise Zone brochure go to: http://www.newanglia.co.uk/wp-content/uploads/2016/03/EZ-brochure-16-sites-light-purple-FINAL-March-2016.pdf
Great Yarmouth & Lowestoft Enterprise Zone: Established in April 2012 the Great Yarmouth and Lowestoft Enterprise Zone, is now home to over 1800 jobs and 39 companies and it has attracted £30.6m of private sector capital investment. The LEP and its partners have also secured an extension to this zone from 2017 which will bring space for 30 more business and 1,219 jobs.