Land deal success highlighted
The continued success of a programme which is bringing new skills, jobs and homes to the region – and in which the Marches Local Enterprise Partnership is a key partner – has been highlighted.
Telford & Wrekin Council will deliver an update on the achievements of the Telford Land Deal, which has been ongoing for the past six years, at its next Cabinet meeting on October 7.
So far, this unique approach has established a successful new model for reinvestment of public land receipts, raising land values and driving growth.
During the last six years, the Telford Land Deal has delivered gross land sales of £40.2 million which has enabled the creation of 1,726 new jobs and 941 new homes, along with the development of 28 new commercial sites and 20 sites for residential development.
The deal has also attracted £300m of private sector investment into the borough. In the 2020-21 financial year alone, sales of 4 commercial sites were agreed along with the creation of 6 residential developments which generated a gross sale income of £8.8m.
Telford Land Deal is a partnership between Telford & Wrekin Council, Homes England and the Marches LEP.
It was formed in response to significant Homes England land ownership in Telford, static land sales and a shrinking Homes England resource and a reduction in ‘shovel ready’ sites.
Under the Land Deal, the council has taken ownership of all residual non developable land from Homes England.
This provides the additional opportunity to enhance and grow the borough’s provision of Green Network and Local Nature Reserves as well as providing opportunities for carbon offsetting aligning with the council’s commitment to zero carbon.
David Wright, Telford & Wrekin Council’s Cabinet Member for Economy, Housing, Transport and Infrastructure, said: “The Telford Land Deal continues to bring huge benefits to the area since the programme was first established six years ago.
“Despite the uncertainties which have arisen from the Covid-19 pandemic over the past 12 months, Telford Land Deal is going go from strength-to-strength and there are many achievements to reflect on.
“It has enabled local companies to expand, supplied much needed commercial and residential land to the Telford market and has attracted nearly £300m of inward and foreign investment since it was formed in 2015.”
Mandy Thorn MBE, chair of the Marches LEP, said: “By working in partnership with key stakeholders, the LEP has been able to help deliver real results such as these throughout the last ten years.
“The Land Deal is an innovative, forward-thinking initiative, which is helping create real growth in Telford & Wrekin and which we are delighted to have helped bring to fruition.”
The deal has created significant local employment opportunities within the construction sector and has also been the driving force behind the creation of higher skilled jobs and new apprenticeships.
In 2020-21, residential developments started at Newcommon Way, Majestic Way and Pool Hill Road.
The largest deal delivered to date has been the £80m delivered by Magna Cosma which is set to deliver over 600 jobs in two phases, with 295 delivered so far.
Up to March 31 2021, the financial successes of the Land Deal have achieved a cumulative profit share of £8.1m.
David added: “The Telford Land Deal has been instrumental in bringing forward brownfield and underutilised land with a total of 19.4 ha (48 acres) being brought forward for redevelopment to date.
“We continue to make Telford as easy a destination as possible for investors to land. The commitment of our partners and the Deal’s ability to de-risk sites offers a streamlined approach to acquisition and development.”