Council Growth Fund attracts new business to Hortonwood
A major new industrial development enabled by Telford & Wrekin Council’s £50m growth fund is now nearing completion.
The site at Hortonwood West will soon be home to two new industrial units which the Council is building and will then lease to new tenants.
Telford & Wrekin Council is investing £5.5m from the Growth Fund it created to help attract and develop business in the Borough.
The site has also attracted a further £3.5m of funding from the Marches LEP to allow the site to be developed.
Unit 10 - a 33,000 sq ft unit - will be the first to be completed at the new industrial site just off the Queensway and is due to open by the summer with details of its occupant to be announced shortly.
Unit 9 is still under construction and is expected to be occupied before the end of 2017. Its occupants are also expected to be named soon.
The Hortonwood development was shown to Jesse Norman, the Parliamentary Under-Secretary of State for Industry and Energy, when he visited the borough.
Hortonwood West is the Council’s new premier industrial estate in north of Telford comprising just over 50 acres of land and which is being brought forward as part of the Telford Land Deal.
The development of the new units has been funded by the Council through the Growth Fund, a £50m funding facility enabling the Council to invest and expand its property portfolio and increase its revenue return, set up in 2015.
Councillor Lee Carter, cabinet member for Finance, said: “It’s great to see this council’s support for business is helping attract new firms to Telford and helping others to expand and grow.
“We showcased the impact of investment to prepare sites and provide the accommodation needed by businesses to the Minister.
“We also showed the hard work the Council is doing to promote business and jobs here and find new income to offset some of the impacts of cuts in Government grant and limit cuts to services.
“We also pushed our case to the Minister for more investment by Government into infrastructure, particularly electricity and utilities provision which is key to the tier one automotive companies we’re now attracting.”
Chairman of the Marches LEP Graham Wynn said: “Jesse Norman has been incredibly supportive of our bids for Government funding to support our ambitions for growth.
“From an initial £83m for infrastructure and broadband projects, we recently successfully negotiated a further £21.9m for skills and business boosting schemes. And this was a fantastic opportunity to showcase our track record in delivering these big ticket projects with partners like Telford & Wrekin Council.”
Jesse Norman MP, who is also the ministerial growth champion for the Marches, said: “I congratulate the Marches LEP on its strong performance over the past year in promoting economic growth across the region. Effective LEPs like this one are an important part of the Government’s plans to support the creation of skilled jobs and help every area to reach its full potential.”
The Council’s Growth Fund has also helped secure the future of the Audley Avenue Business Park in Newport, which the council acquired late last year ensure that 13 businesses can remain on the site, protecting hundreds of jobs.