In his Autumn Statement last Wednesday, Chancellor George Osborne announced a new Enterprise Zone for Basing View, in Basingstoke; Longcross Park, in Chertsey, and Whitehill and Bordon, which will deliver “new businesses, new jobs and new opportunities”.
Working with East Hampshire District Council, and Basingstoke and Deane and Runnymede borough councils, the Enterprise M3 Local Enterprise Partnership (LEP) led the bid for a “multi-site Enterprise Zone”, competing against other areas across the UK.
Businesses which move to the Enterprise Zone by March 31, 2022, will not have to pay business rates for five years – which could be worth approximately £275,000 to a company.
Business rates generated in the Enterprise Zone will also be retained in the area by the LEP to provide an investment fund over the next 25 years to “support future economic growth across the Enterprise Zone and the wider LEP area”.
The LEP will work with the local authorities, developers and stakeholders to invest retained rates, estimated at £178m (over 25 years), in ways which will “increase prosperity and create more development opportunities”.
The funding will be used to invest in physical infrastructure and “place making projects” which ensure the Enterprise M3 area “remains globally competitive with strong connectivity” and “world class businesses and skills”.
The LEP’s bid links three key areas and aims to boost its “digital economy”. These places are within the “Sci-Tech Corridor” - home to “thousands of innovative, high-tech companies” capable of “leading the world in areas including digital media, 5G and cyber security”.
Whitehill Town Council leader Adam Carew said the announcement was “sensational news”.
“It keeps getting better and better,” he said. “Once again, our town has fought off all the stiff competition and landed a Government commitment to massive economic investment in Whitehill and Bordon.
“It shows that the Government, through the EM3 LEP (Local Enterprise Partnership), has real confidence in our regeneration and is absolutely committed to providing serious investment and jobs here in Whitehill and Bordon.
“This means massive investment in jobs, infrastructure, A-grade office accommodation and the very latest technologies and IT communications, including the latest G5 technology being developed, enabling world class information technology which, in turn, could also secure serious foreign investment.
“Perhaps the concept of ‘Silicon Heath’, specialising in IT, research and development and burgeoning green technologies, I proposed all those years ago as part of our Green Vision, is not very far away.
“We owe a huge debt of gratitude to the LEP, our partners and the Govern-ment for believing in our town and giving us the confidence and investment we need to make this a reality.
“There will be exciting times ahead.”
According to the LEP, business growth will be achieved in a number of ways which will include accelerating development of grade-A office space, establishing business-incentive schemes, marketing the Zone as an “important digital cluster” and attracting foreign investment.
As a result of Enterprise Zone status, it is estimated that the development of the three sites will give a total land value uplift, over the next 25 years, of approximately £825,000 per hectare and an estimated business rate retention of £178m.
The LEP anticipates that the Enterprise Zone has the potential to deliver more than 200 new businesses, approximately 10,220 new jobs, around 210,000 square metres of new commercial space and over 28,000sqm of refurbished commercial space.
Geoff French CBE, chairman of the Enterprise M3 LEP, described it as “absolutely fantastic news”.
“The Enterprise M3 LEP has pulled out all the stops to ensure that this bid was successful and we were up against some stiff competition,” he said.
Ferris Cowper, leader of the district council, added: “This will be a big boost to businesses moving into Whitehill and Bordon and paves the way for huge investment and new jobs.
“Being part of the Enterprise Zone will help establish the town as a really attractive investment proposition and this is exactly what we’ve been working so hard to achieve.
“We will work closely with the LEP to establish where best to invest the retained business rates so that this has the maximum possible benefit to the area.
“This is a really exciting milestone in Whitehill and Bordon’s transformation.”
East Hampshire MP Damian Hinds said: “I must commend Steve Pearce, Susan Robbins and the team at the district council for helping Enterprise M3 LEP and its other partners secure this through, what I understand was, an extremely competitive bid process.
“I am delighted that Whitehill and Bordon has been identified as one of the centres able to lead the world in areas such as digital media, 5G and cyber security.
“The focus on developing digital technologies and infrastructure in the new Enterprise Zone is very exciting and I’m sure will attract businesses and investment that will not only benefit Whitehill and Bordon but also the wider community in East Hampshire.”
The LEP estimates that the Enterprise Zone could bring 105 new businesses and 495 jobs to Whitehill and Bordon, as well as 20,000 square metres of new commercial floor space.
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