Technology Cluster to benefit from Silverstone Park Enterprise Zone status
The UK Government has awarded Silverstone Park ‘Enterprise Zone’ status which could save companies locating to the high-tech business estate more than £250,000 in rates relief over the next five years.
The status was approved following a successful bid to Government by Buckinghamshire Thames Valley Local Enterprise Partnership (BTVLEP) and Silverstone Park developer MEPC, active corporate members of the Thames Valley Chamber.
Its approval took place soon after MEPC completed 125,000 sq ft of new speculative industrial units ranging in size from 5,000 sq ft to 30,000 sq ft under one roof and available to let – significantly these are within the ‘Enterprise Zone’.
Paul Britton, Chief Executive at the Thames Valley Chamber of Commerce commented: “Fantastic news for businesses that have made or plan to make Silverstone Park their permanent home. The Chamber will continue to push for future investment, growth and expansion in the Thames Valley.”
MEPC’s Roz Bird, Commercial Director for Silverstone Park, said: “This will make a huge difference to companies who want to grow and perhaps need to be in the Silverstone area to attract the right staff.”
Coveted Enterprise Zone status ensures that the Government will release the equivalent of business rates that would otherwise have been collected, in addition to a further 50 per cent on top, for BTVLEP and MEPC to jointly reinvest into Silverstone Park. This could be in areas such as broadband services, utilities and roads as well other initiatives that help feed development of the area for commercial businesses.