The latest award of Growth Deal 3 funding was announced in March 2017 providing a boost of £21.9 million for the Marches to help create jobs, support businesses and encourage growth through the following projects.
At least £8m has been awarded to the LEP to support a new university based in Hereford will provide a unique and highly innovative, real-world teaching approach where engineering businesses have a central role in curriculum development and teaching. It will support business innovation and commercialisation through opportunities for greater academic and commercial integration, supporting 230 companies in the first five years and 350 graduates per year;
Involves development of a new Enterprise and Science Park which the LEP estimates will bring 950 high value jobs to the growing market and university town of Newport. Awarded at least £6.34m of Growth Deal funding, it will facilitate provision of a high tech business start-up and incubation space, training and higher level skills development, and collaboration between local businesses and higher education. The package will also kickstart delivery of more than 1,000 essential new houses including starter homes in the Newport area – a key element of the Marches contribution to meeting government housing priorities.
Strategic off-site highway improvements (including to the A41 and A518 transport corridors) and sustainable transport measures will be implemented to connect the Enterprise and Science Park with Newport town centre, and support new housing development.
Investing in Our Future Workforce
A Marches-wide project which will provide capital investment in training facilities, technical equipment and enterprise incubators in a number of local colleges has been awarded £2.75m of Growth Deal funding. The LEP estimates this will facilitate enhanced employment and progression opportunities for 3,700 learners, and improved pathways into entrepreneurship. This will strengthen vocational IT and technical skills pathways through traineeships, apprenticeships and work experience in higher level digital and technical skills for key local sectors (eg engineering, agri-tech, environmental, IT, healthcare and construction), meeting the needs of local employers.
Centre for Cyber Security
£2.82million has been awarded to the LEP to support the development of a new Centre for Cyber Security in Rotherwas, Hereford, which will create 185 jobs.
The centre, which is being developed by the University of Wolverhampton, will be located at Hereford Enterprise Zone’s Skylon Park and will support three main areas:
- Accommodation for businesses working in the cyber security sector with potential space for up to 20 tenant businesses
- Secure training and educational facilities to provide specialist cyber security training for businesses and organisations
- A base for undertaking research in the field of cyber security
The centre will also have specially equipped laboratories which will enable users to simulate cyber attacks and test responses in a secure environment.
Redevelopment of the Flaxmill
£1.9m of funding to go towards funding the ongoing redevelopment of the Flaxmill, in Shrewsbury. Two hectares of brownfield land around the historic mill complex will be transformed to allow the development 120 homes by private developers.