Bid for investment zones may mean county boost
ABID to create four so-called ‘investment zones’ in Warwickshire has been lodged with the Government.
Plans for the new zones were announced by then Chancellor Kwasi Kwarteng in his Mini Budget in September.
Successful bids will benefit from tax breaks and other incentives aimed at encouraging investment in new shopping centres, restaurants, apartments and offices and there would also be liberalised planning rules to release more land for housing and commercial development.
Business and civic chiefs in Warwickshire are now hoping to win backing from central government to create the quartet of zones in a bid to drive investment, growth and job creation. The bids are:
MIRA South site
An advanced manufacturing site in north Warwickshire which would be a southern extension of the MIRA Technology Park which focuses on automotive and future mobility R&D
Wellesbourne Innovation Campus
The development of the already successful technology campus, which is part of the University of Warwick estate, which has seen growth in recent years from automotive and future mobility expansion. It is also a major centre for agritech and crop science
West Midlands Gigafactory
Land for this proposed major electric vehicle battery plant at Coventry Airport is split over two planning authorities - Coventry city and Warwick district. The aim is to secure backing and investment to realise the manufacturing project which could create 6,000 jobs
Judkins Quarry
A mixed-use residential and commercial property site, with the potential to support local housing and employment need in borough of Nuneaton and Bedworth, including growth at MIRA South site
If successful beyond the ‘expression of interest’ stage, the zones in Warwickshire have the potential to boost the county’s economy by more than £1.4 billion a year, creating over 25,000 jobs, 450 new homes and 13.9 million sq ft of commercial space.
Cllr Izzi Seccombe, leader of Warwickshire County Council, said: “The sites submitted provide a strong sectoral link around the future of automotive and the electrification of
West Midlands and UK automotive.
“At this stage, we are making expressions of interest so there is a lot that remains to be done.
“Early indications are we can work alongside partners to ensure we maximise the many really exciting opportunities offered to the county in terms of growth, jobs, inward investment, bringing outstanding talent to the county and, as importantly, keeping it here.”
The four bids have been jointly developed by Warwickshire County Council, local councils and business leaders and a decision is expected in the coming weeks.
Bids for other parts of the West Midlands, including the HS2 Interchange site in Solihull and Metro extension from Wednesbury to Brierley Hill, were submitted two weeks ago.