Situated at the heart of the Leeds City Region – with an economy worth over £50 billion per annum, a 3 million population and a workforce of 1.5 million – the enterprise zone represents an unrivalled opportunity for business expansion and relocation.
Leeds City Region enterprise zone offers a package of incentives to stimulate investment, attract business and create new jobs, including reduced business rates worth up to £275,000 over five years and grants of up to £500,000 to support investment in new premises, plant and equipment.
It enjoys superb transport links and benefits from close proximity to Leeds city centre, the main driver of the regional economy, and has planning permission in place for a range of employment uses including large-scale manufacturing, distribution and high quality offices.
The UK government introduced enterprise zones to stimulate private sector investment and drive economic growth, backed by incentives which include reduced business rates and simplified planning regulations. A key requirement is that areas designated as enterprise zones should be made up of ‘clean sites’, available for immediate development.
Development activity is now underway across all four sites within the enterprise zone – Newmarket Lane (9.2 ha), Thornes Farm (21.08 ha), Logic Leeds (49.1 ha) and Temple Green (63.04 ha). Covering a total of 142 hectares of prime development land, the sites are strategically located along the route of the East Leeds Link Road, a £32 million dual carriageway linking Leeds city centre to junction 45 of the M1 motorway.
Cllr Richard Lewis and LEP chairman Roger Marsh on site with Andrew Grant, managing director of Leeds packaging firm Samuel Grant Group.
An experienced team of landowners and developers – including Muse Developments, Evans Property Group, Harworth Estates and Wilton Developments – is now working with Leeds City Council to accelerate development of the enterprise zone. Together they are delivering high quality expansion, relocation or consolidation solutions to meet the business requirements of local, regional and national occupiers.
Current phases of development are supporting hundreds of construction jobs and have the potential to deliver significant economic growth and access to job opportunities across the city region. The enterprise zone is expected to act as a catalyst for the regeneration of the wider Aire Valley Leeds which, fully developed, could deliver £550 million of additional economic output and over 9,500 new jobs by 2025.
‘Enterprise Zone’ status also allows additional business rates generated by companies locating there to be retained by the Leeds City Region Enterprise Partnership and used to fuel economic development projects and growth elsewhere in the city region.