The scale of business investment being made in Telford has led to the town being described by the UK Department for International Trade as the ‘beating heart’ of inward investment.
The unique Telford Land Deal has delivered over £25m of development land sales and is set to create nearly 1,000 jobs.
A report to Telford & Wrekin Council’s cabinet, which meets on July 12, also says the deal has enabled the delivery of 614 new homes.
The Land Deal is underpinned by the Council’s inward investment brand Enterprise Telford and has seen Telford and Wrekin established as a major inward investment destination.
It has supported the delivery of improved highway infrastructure, jobs in construction, new homes as well as enabling existing businesses to expand and attracting new inward investment.
The council entered into the 10 year Land Deal with Homes England (formerly known as the Homes & Communities Agency) back in March 2016 supported by the Marches Local Enterprise Partnership.
The most high profile investment to date is Magna International’s new plant at the T54 technology park, which will ultimately create more than 500 new jobs.
Over the next 12 months, the Land Deal will also support the delivery of NI Park – a flagship Agri Tech innovation park in Newport.
This is being delivered in partnership with Harper Adams University and will provide opportunities for start-ups and larger companies to invest. This has led to both the borough and the park being promoted to investors worldwide by the Department for International Trade.
Councillor Lee Carter, Telford & Wrekin Council’s cabinet member for Finance, Commercial Services and Economic Development, said: “the investment delivered though our unique Land Deal has had a fantastic impact right across the borough, delivering new infrastructure, new jobs and new homes.
“It has supported existing businesses to grow, helped to reduce unemployment, increased economic independence and addressed social inequality.
“I am delighted that the deal, alongside our Enterprise Telford business pledge and our ability to provide land and build and lease bespoke properties, continues to drive a high number of new enquiries.
“We are still seeing significant interest from the automotive and advanced manufacturing sectors as well as companies connected to battery and auto light weighting.”
Karl Tupling, General Manager for Homes England in the Midlands, said: “The deal is already offering new jobs for local people as well as the opportunity to develop new homes to help more local people in Telford have access to a home of their own.”
Graham Wynn, chairman of the Marches Local Enterprise Partnership, said: “The progress made to date by Telford & Wrekin Council, working in partnership with Homes England and supported by the Marches LEP, is visible across the borough and showcases both Telford and the Marches as an area open for business and ripe for investment.”
Examples of investments delivered though the deal and the council’s £50m Growth Fund also include:
• Completion of a new 7,734sq m manufacturing plant at T54 by Austrian company Polytec. This is in three phases and will ultimately create a total of 243 jobs through £32m worth of investment
• Investment by major local employer, Craemer UK Ltd to build a new, additional manufacturing facility expanding their presence in Telford.
• A site at Hortonwood West sold to existing Telford business Baker Bellfield to create an additional manufacturing facility
• The development of 15 ‘start up’ units for small businesses to become established and grow helping to future proof the local economy and develop the next generation of local businesses. Such is the strength of market demand that pre-lets are being achieved ahead of completion
• Completion of a new 6,262 sq m industrial building at Hortonwood West to support the relocation of Rosewood Pet Products, creating 60 new jobs
• Completion of a new 3,156 sq m industrial building that has been let to Eden Horticulture
The report also outlines further developments at Donnington Business Park, including investment by long established Telford business Maidens providing an additional storage and warehouse distribution centre.
At Hadley Park, a site has been sold to Eurogarages for a mixed use development including petrol station and drive through coffee shop.
The Land Deal also includes a number of residential sites across Telford including a site being developed by the Council’s wholly owned housing company, Nuplace Ltd, at Snedshill to provide 39 new homes for private and affordable rent. Other residential developments include a Kier Living development in Apley (100 homes) and a Lovell development in Priorslee (220 homes).
A cumulative profit share from land sales of £3.9m has been achieved by the Council accelerating delivery of land to the market. The Council has invested £1m of this to date in the delivery of new start up units for small businesses.
A further £197,000 has been made available to the Marches LEP to invest in delivering homes and jobs across the Marches.