Cheshire Development Update: Heather Standidge, Cushman &Wakefield
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This document provides an overview and update on the Cheshire Science Corridor Enterprise Zone. It discusses the strengths of the Corridor including its established business base in key growth sectors. It outlines the benefits of Enterprise Zone status such as business rate discounts and enhanced capital allowances. Finally, it provides development updates on several sites within the Enterprise Zone including available units in Ellesmere Port and Birchwood.
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Cheshire Development Update: Heather Standidge, Cushman &Wakefield
- 1. Cheshire Science Corridor Enterprise Zone - Development Update Tuesday 4th October 2016
- 2. Agenda Overview of the Cheshire Science Corridor and its strengths Benefits of Enterprise Zone status Development update Find out more…
- 3. Client Name | Cushman & Wakefield Cheshire Science Corridor Enterprise Zone
- 4. Client Name | Cushman & Wakefield Strengths of the Cheshire Science Corridor Established business base in key growth sectors Highly skilled, productive and entrepreneurial labour market Well connected by road, rail, air and water Supportive public sector
- 5. Client Name | Cushman & Wakefield Benefits on Enterprise Zone Status Business Rate Discount (Up to £275,000 5 years) First year Enhanced Capital Allowances (Assisted Areas) Clear and streamlined planning Commitment to enhance broadband infrastructure Dedicated Enterprise Zone Growth Director Re-investment of Business Rate Revenue Enhanced market profile at international level (UKTI) Collaboration with research and education establishments Attract 20,000 new jobs and 500 businesses to Cheshire and Warrington
- 6. Client Name | Cushman & Wakefield The Enterprise Zone Sites Site Sector Focus Key Incentive Alderley Park (Cheshire East) Life Sciences BRD Birchwood (Warrington) Energy and Nuclear BRD Thornton Science Park (CWAC) Energy Engineering Automotive BRD ECA Protos (CWAC) Environmental Technologies Energy ECA Ellesmere Port Sites (CWAC) Advanced Manufacturing Environmental Technologies Automotive BRD ECA
- 7. Client Name | Cushman & Wakefield Ellesmere Port Cloister Way Unit 1 – 22,000 sq ft Unit 2 – 18,500 sq ft Quoting rent - £4.75 psf Completion – November 2016 Helix Business Park 6 Units - 6,000 to 15,000 sq ft For sale or to let BREEAM Excellent Completion – Early 2017
- 8. Client Name | Cushman & Wakefield Protos 50MW capacity wind farm £65 million 20MW biomass facility New road and roundabout Cheshire Wildlife Trust Ecological Area Under Construction Pipeline Timber recycling plant D&B up to 350,000 sq ft
- 9. Client Name | Cushman & Wakefield Birchwood Cavendish Avenue Unit 711 – 14,000 sq ft Unit 712 – 17,500 sq ft (Werfen) Unit 713 – 21,600 sq ft Daten Park Major refurbishment Building One - 22,000 sq ft
- 10. Client Name | Cushman & Wakefield Find out more… www.cheshiresciencecorridorez.com
Editor's Notes
- Cushman & Wakefield have been involved with the CSC EZ right from the application stage, through to it’s establishment on 1st April this year and now it’s on-going implementation. Two representatives from the key EZ sites here today - provide more detail through panel discussion, but I wanted to provide: Update on development activity to date across the EZ sites Set within the context of the strengths of C&W as a business location Benefits on offer to occupiers of the EZ sites and the wider business community
- CSC stretches across the C&W sub-region incorporating three local authority areas. CSC recognises and capitalises on fact that the area already incorporates some of the most significant national and international science based businesses and research establishments nationally EZ status brings together some of the best opportunities for new development and attraction of new businesses within the corridor. The objective of EZ status is to create jobs and support economic development across the sub-region, so if an EZ site is not best suited to a particular occupier, we will do everything that we can to support them to remain/set up within Cheshire and Warrington. CSC and EZ sites are mutually reliant and beneficial to each other
- When talking to your clients it’s also worth pointing out some of the strengths of the C&W sub-region that are perhaps taken for granted by local businesses: Business base – Enviro tech, engineering, energy and nuclear, life sciences Workforce – 36% NVQ4+ (27% E&W); at £28k per capita GVA is 15% above nat avg; 54.7 new businesses created per 10,000 pop Connections – 30 million passengers and 120,000 tonnes air freight last year – 160 countries Don’t underestimate value of supportive public sector – War; CE; CWAC – commitment to EZ as priority sites and will drive investment Demonstrates CSC is a national player for inward investment, rather than a series of individual site opportunities
- What benefits can we offer new occupiers on EZ sites: Up to 100% BRD for eligible businesses worth up to £55k p.a. for 5 years (£275k) Eligibility – science (definition) and growth (if re-location within LEP) – BRD guidance and form available Until 2024 new occupiers to AA sites will be eligible for 100% capital allowance on 1st year expenditure on plant and machinery. Up to EURO125m Clear and supportive planning policy in place to simplify the process Commitment to enhance broadband infrastructure EZ Growth Director – single point of contact tasked with promoting the CSC and driving forward investment EZ benefits that reach beyond the sites to support the economic growth of the C&W sub-region: Potential to retain new BRs generated within the EZ over the next 25 years re-invest on the EZ sites, but also across the CSC and wider C&W area Raise market profile of C&W as a whole at the national and international level to support accelerated growth and increase inward investment - Close working with UKTI, BIS and DCLG CSC is recognised by UKTI as a priority EZ on the back of the strength of opportunity and progress made to date – developing sector specific place propositions targeted at international audience Working with uni and colleges, research and sector organisations to ensure that the local labour market has the skills that businesses need to drive business growth Ultimately, the EZ is a great opportunity to attract an estimated 20,000 new jobs and 500 new businesses to C&W over the next 25 years
- Brief overview of the EZ sites, their sector focus and key incentive: Alderley Park Birchwood TSP Protos Portfolio of sites in EP (9) – 5 BRD/4ECA
- In Ellesmere Port, two units totalling c.40,000 sq ft are under construction and due for practical completion in November 2016. The two units could easily be combined if required. The scheme followed the successful delivery of 45,000 square ft pre -let to Hertel and 35,000 as ft pre-let to FCC Waste nearby on Cloister Way. For developer Andrews Property Holdings, EZ status and the ability to offer BRDs was the catalyst that kick started the spec development. Healthy level of Enquiries - No deals as yet but good spec, competitive rents and rates incentives will deliver a compelling proposition At Helix Business Park on Newbridge Road, Redsun Developments have planning permission and are due to start on site imminently with 6 units ranging from 6 to 13,000 sq ft. Due for completion early 2017 and will be available for either sale or let Again, able to offer BRD as part of the EZ Legat Owen are the agents on both sites. HCA site at Hooton Park – now finally also come to the market (ECAs)
- Protos – Peel Environmental are on site delivering the first phase of the energy park at Ince: Delivered 50MW capacity energy to grid windfarm - 19 turbines started turning/generating last week. (£66m) 20MW Biomass Facility under construction (£65m). Frame is in and stack due to complete Sept 2017. New road with a new roundabout and Section 278 works at the top of Pool Lane Phase 1 infrastructure works incl. 2 ecological areas to be managed by Cheshire Wildlife Trust on behalf of Protos. Phase 1 works and ecological areas valued at £14m and will be complete by end of 2016. Pipeline: - Timber Recycling Plant. Due to start construction imminently (end 2016). The timber will feed the Biomass Facility – should be complete in the new year of 2017. TSP and Peel Environmental are currently developing a joint masterplan for the future of the area. TSP – Livi-Gunn 13,000 sq ft at B49 on Fri with BRDs being critical to securing deal
- PATRIZIA completed the spec build of 711-713 Cavendish Avenue at around the same time the EZ came into operation in April adding 53,000 sq ft to the business park. Quickly secured its first occupier - global medical diagnostics company, Werfen. Currently fitting out offices, lab and demonstration space and will move in this month. Benefitting from the BRDs Interest in remaining two units where the BRDs able to offer competitive financial advantage – allowing occupiers to access higher quality space more affordably. Daten Park – major refurbishment of Building one has just been completed Further 20 hectares of land available and ready for development Mention – Alderley Park
- Brochures available Web-site provides more detail Speak to myself or one of the team here today