Cornwall & Isles of Scilly Local Enterprise Partnership (LEP) welcomes the Government’s announcement that its application for funding for the Newquay Enterprise Zone Business Park has taken a positive step forward.
The LEP submitted a bid for Enterprise Zone funding in March, and has received confirmation that its application for investment is to move on to the appraisal stage. It will now undergo further testing to ensure value for money for the taxpayer.
The investment from the Homes and Communities Agency’s Economic Assets Programme would open up the 90 acre Business Park development site on the south side of Newquay airport. The site requires investment to provide roads and services to develop what is now one of the largest planning free development zones in the UK. The investment will provide serviced development land for the private sector development of offices and factories.
Chris Pomfret, Chair of the Cornwall & Isles of Scilly Local Enterprise Partnership, said:
“This fund is aimed at Enterprise Zones with real short term growth potential, accelerating development projects that will achieve the global competitive edge needed to attract investors. The Chancellor named Aerohub as one of the strongest original EZ bids and this confidence in our application for investment reinforces our belief that we remain one of the leaders in terms of EZ development.”
Two investors have already relocated on the Enterprise Zone, the Classic Air Force, which opened its doors in April, and Ainscough Wind Energy Services, who intend to expand into the Aerohub Business Park once it is developed.
Julian German, Cornwall Council’s portfolio holder for economy & culture, added:
“This funding would help enable Aerohub @ Newquay Cornwall Airport to realise its potential and could result in over 500 jobs on the Enterprise Zone by 2015, allowing for a greater acceleration and expansion of the existing programme.”
The aerospace industry is worth around £20 billion per year to the UK economy and the South West is one of the country’s most important regions for the industry. Aerohub, launched by the Minister of State for Business & Enterprise last year, is England’s only entirely aerospace focused Enterprise Zone on an operational airport.
Aerohub @ Newquay Cornwall Airport is being led by the Cornwall and Isles of Scilly Local Enterprise Partnership and Cornwall Council, as the owners of the airport and surrounding land. Cornwall Development Company, the Council’s arms-length development company, has been commissioned alongside Cornwall Airport Limited, as the operator of the Airport, to deliver the project.