Up to 2,800 homes could be built and 8,500 jobs created thanks to a new deal which will see Homes and Communities Agency (HCA) land in Telford sold, with the receipts generated invested locally and across the wider Marches region.
Telford & Wrekin Council announced (March 3 2016) it was poised to seal the land deal with the Homes and Communities Agency (HCA), which formed part of the Marches Growth Deal secured by the Marches LEP from central Government in 2014.
The Government has given its agreement in principle to the deal, which will see up to £44.5m of receipts generated from the sale of HCA land in Telford invested locally. A percentage of these receipts will go to the Marches LEP’s new Marches Investment Fund – which will support growth projects in Herefordshire, Shropshire and Telford & Wrekin.
The Telford Land Deal is thought to be the first deal of its kind nationally and presents a one off opportunity for the council to influence the disposal of the majority of public sector land in the borough.
The deal offers the council the opportunity to take responsibility for the, marketing and disposal of all HCA land holdings in Telford. It will enable the council to work with existing businesses looking to expand and attract new investors offering new jobs for local people.
The 2,800 homes that will be delivered by the deal form part of the 15,500 new homes already planned for the borough through the Telford and Wrekin Local Plan.
Councillor Shaun Davies, Telford & Wrekin Council’s cabinet member for Business, said: “The deal directly supports our drive to support existing business and attract new inward investment and will create thousands of jobs to give a real lift to Telford’s economy.”
Karl Tupling, the Homes and Communities Agency’s Executive Director for the Midlands, said: “The HCA has a strong record of working in partnership with the Council. This will continue through this deal to support Telford in delivering its local priorities, create jobs and bring forward the development of new homes for local people.”
Graham Wynn, Chairman of the Marches LEP, said: “This commitment, part of the Marches Growth Deal negotiated with Government, will see millions of pounds invested into the region over the next decade. It will accelerate the development of job-creating employment sites and the building of thousands of new homes in the Telford area.
“The wider LEP will also benefit from this deal, with a share of the proceeds of land sales going directly to the Marches Investment Fund (MIF) which supports regeneration and infrastructure projects across Herefordshire, Shropshire and Telford & Wrekin.”
Paul Hinkins, Chairman of the Telford Business Board and Deputy Chair of the LEP, added: “I’m delighted to see this deal come to fruition after lengthy negotiations and it is a great example of partnership working in action.
“The deal is a catalyst for growth, not just in Telford, but for the rest of the Marches as well. It means more businesses will want to locate here, with the investment bringing much needed private sector jobs, and the creation of thousands of new homes.”