A West Midlands council has launched a campaign to attract businesses to one of its prestige developments by offering a series of business rates incentives.
It’s hoped that as many as 1,600 jobs could be created at The Waterfront in Brierley by encouraging businesses to take-up space in the 200,000sq ft of office space at the Dudley Business Investment Zone. The town’s council says some new ventures could qualify for as much as two years without paying business rates.
“The new zone is now up and running and is part of our clear vision for bringing more business, investment and jobs into the area,” said Judy Foster, a cabinet member for regeneration on Dudley Council. “These are still very early days for the investment zone, but we are really encouraged by the number of enquiries we have had.”
The authority approved the Dudley Business Investment Zone scheme in February this year with the cost of the business rates incentive being shared equally by the local authority and participating property owners in the area.
Existing occupiers already within the Waterfront zone who intend to expand their businesses, may also be eligible for the discount but only on any additional floor space built or occupied since the zone was established.
The council is hoping re-occupancy of the existing space at The Waterfront would allow “meaningful discussions” with developers about the additional one-million sq ft already earmarked for the site in the Black Country Core Strategy.
The motivation for the riverside investment area was prompted by the town’s unsuccessful attempt to win a second enterprise zone. Following the 1980s closure of British Steel’s Round Oak iron and steel works the brownfield site was granted enterprise status with the Merry Hill shopping centre eventually becoming its biggest development.
During the financial crisis the town and county councils applied to have the former industrial land at Brierley designated an enterprise zone under the Government’s latest initiative but The Waterfront site was rejected.
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