Our Enterprise Zones sites provide additional benefits to businesses to ensure there is suitable space to grow, whether you are already based in the North East or not.
Enterprise Zones were launched in April 2012 to support economic growth by developing those sites with the attributes that can help businesses start-up, grow and expand. The North East sites have been selected to maximise this offer, driving growth by building on local strengths, making the most of our natural and physical environment, skills and existing business base as well as the innovation ecosystem. The approach is flexible and the sites are intended to be appropriate for new growth areas.
The sites benefit from agreements put in place to support quick development through up-front investment in facilities and preparation and the agreement of simplified planning processes through the likes of Local Development Orders and offer specific benefits to individual businesses.
More information is available on the Government website.
The North East will benefit from two rounds of Enterprise Zone sites. Our current sites, launched in April 2012 (round one) and our additional sites to be launched in April 2017 (round two). You can find the relevant contacts if you are interested in locating on these sites and we have published a summary brochure setting out the locations and benefits of our sites. This map demonstrates where the Enterprise Zones are located.
What do Enterprise Zones sites offer to businesses?
In addition to the support and simplified process, improved investment and access to some of the best development land in the North East, the Enterprise Zones offers individual business specific benefits. Each site is designated with one of the two benefits on offer:
- Business Rate Discount – through Business Rate Discount, businesses can gain up to 100% discount against business rates worth up to £275,000 over a five year period from occupying the premises on the Enterprise Zone site. This is equivalent to £55,000 per year but does not need to be taken as an even annual split. More information is available here.
- Enhanced Capital Allowance – through the Enhanced Capital Allowance business can receive up to 100% capital allowance for investment in plant and equipment on the Enterprise Zone site. This can represent tax relief worth up to €125m. More information is available here.
If you are interested in finding out more, please contact our Enterprise Zones expert – James Davies.