What are Enterprise Zones – and how can they help grow my business?
Enterprise Zones are designated areas in which policies to encourage economic growth are implemented.
The Humber Enterprise Park in Brough was officially made an Enterprise Zone in 2015 by Chancellor George Osborne, making it one of 48 across the country today and putting it at the centre of the Government’s long-term economic plan.
So how do Enterprise Zones benefit businesses?
First and foremost, Enterprise Zones are designed to aid business growth. Since their foundation over five years ago in April 2012, Enterprise Zones have helped over 635 businesses do just that.
At the Humber Enterprise Park, your business could benefit from several factors including:
- Up to 100% business rate discount worth up to 275,000 over a five-year period
- Simplified local authority planning
- Superfast broadband connectivity
Combined with some of the lowest rents in East Yorkshire, the savings our tenants have been able to make have helped them re-invest significantly back into their businesses, accelerating their growth.
Engineering startup Rexrob has reached the point it aimed to be at in year six in year two, while manufacturer Cablescan has doubled in size since joining in 2013.
How do Enterprise Zones benefit communities?
Enterprise Zones have been crucial in giving new life to development sites and driving local economies across England.
They’ve attracted 2.4billion pounds of private sector investment, and created nearly 24,000 jobs in sectors such as financial services, bio-sciences, digital and creative industries and advanced engineering.
The Humber Enterprise Park itself underwent a 6m regeneration project, completed in June 2016, which revitalised a site which had once been a huge part of the people of Brough and the surrounding village’s lives. At its peak in the mid 20th century, the site had employed over 10,000 people.
The regeneration project involved the high-end refurbishment of five empty office buildings covering 4930sqm, with those involved working hard to make sure the site’s new look paid tribute to it’s heritage. The project was shortlisted for the 2017 Constructing Excellence in Yorkshire and Humber awards.
If you’re interested in moving your business to an Enterprise Zone, you can take a 360 degree tour of our available space here.
