Developers are building a record number of offices and industrial premises in enterprise zones across the country because of the improving economy and increased level of stability, Communities Secretary Eric Pickles has announced.
These are some of the first major investments of their kind since the downturn and show the increased confidence developers have in many local economies.
Communities will receive a big boost from these developments which will bring about more jobs on zones and provide many knock-on benefits for people living nearby - from new services and infrastructure through to new business opportunities.
More than £230 million has been committed to 31 projects across the enterprise zone programme so far, meaning at least 1.8 million square feet of new speculative office and industrial space will be rolled out by 2018 - the equivalent of more than 23 Wembley football pitches.
Around 250,000 square feet of that work has already been completed with developers pushing ahead to finish a further 500,000 square feet by summer, paving the way for up to 2,200 jobs. Businesses have already snapped up more than half of the space that is currently available.
The Communities Secretary made the announcement as he marked the completion of a £40 million building called 2 Glass Wharf at Bristol Temple Quarter Enterprise Zone. Built without a business initially lined up to move in, the iconic building will be welcoming its first tenant, global accountancy giants PricewaterhouseCoopers.
Communities Secretary Eric Pickles said: "Enterprise zones are a great place to do business. That’s why these developers are channelling millions of pounds into these investments. It proves that our long-term economic plan is on track, helping deliver the kind of world-class infrastructure that attracts top companies. And that’s great news for the economy and communities because it’s these kinds of businesses that will create jobs for hard-working people.
"Enterprise zones are central to the government’s plans to rebalance the economy, offering world-class infrastructure and top-class growth incentives for companies, across a range of key sectors including aviation, manufacturing and life sciences.
"This business focussed approach has led to a rise in speculative builds where developers are so confident that they will let the buildings that they start work before having tenants lined up to move in."
The 2 Glass Wharf building is the first development of this kind in Bristol in 4 years and is already a third full. Providing 100,000 square feet of state-of-the-art work space and potential for up to 1,000 jobs, the investment has proved so successful that developers Salmon Harvester are pushing ahead with another building, the £50 million 3 Glass Wharf that will provide a further 110,000 square feet of floor space and space for up to a 1,000 jobs.
In addition, work is about to start on another spec build at the Paintworks site at the Enterprise Zone. The £55 million Paintworks Phase III and IV expansions will deliver 125,000 square feet of space for creative and digital businesses, creating up to 450 high-tech jobs.
The 24 enterprise zones are at the heart of the government’s ambitious long-term economic plan. They have attracted more than 430 new businesses and generated over £2 billion worth of private investment since opening for business in April 2012.
