The Telford Land Deal established a new model in public land disposal which through upfront investment into site preparation and marketing of sites underpinned by Telford & Wrekin Council‘s investment offer, has already delivered an acceleration in commercial and residential sites sold and raised land values above year one projections. The Telford Land Deal is devolution in action delivering above and beyond expectations with success underpinned by the strength of partnership between the Council and Homes England (previously the Homes and Communities Agency) and the support of the Marches LEP.
The deal will see up to £44.5m of receipts generated from the sale of Homes England land in Telford invested locally. A percentage of these receipts will go to the Marches LEP’s Marches Investment Fund – which will support growth projects in Herefordshire, Shropshire and Telford & Wrekin.
Local Growth Funding via The Marches LEP has enabled C.£7.3m highway infrastructure works at Junction 4 of the M54 and Hortonwood West completed in April 2017.
The Deal is driving a high number of investment enquiries and there are a number of sites now under offer with further enquiries progressing. Telford is seeing significant interest from the automotive sector due to the proximity of Jaguar Land Rover’s Engine Plant at i54 and the strength of the existing supply chain with many resident companies expanding.
The largest deal delivered has been the c£80m inward investment by Magna Cosma a Canadian tier 1 automotive company. The company have built a 250,000sqm plant at T54 delivering 300 new jobs in phase 1 with a further 300 in future phases. The investment is understood to be the largest new overseas investment in to the UK in the last 10 years. In January Polytec another Tier 1 automotive supplier moving into Telford acquired neighbouring plots at T54 which are due to deliver c.250 jobs ove 3 phases of development.
Residential site demand is also high with many of the large house builders bidding for sites and Telford has been identified as number 2 for housing growth in the 2017 Centre for Cities Report for the 3rd year running.
More information can be found in the Telford Land Deal HCLG Status Report