Haverhill Research Park has won Enterprise Zone status giving potential occupiers on the development benefits including a business rate discount of up to 100% for five years.
Promoted by the Greater Cambridge Greater Peterborough Enterprise Partnership (LEP), The Chancellor of the Exchequer, the Rt Hon George Osborne MP, unveiled his enterprise zone allocation, including Haverhill Research Park, as part of the Spending Review and Autumn Statement on Wednesday 25 November.
Located to the east of Cambridge, Haverhill Research Park, now part of the Cambridge Compass Enterprise Zone, has planning consent for up to 450,000 sq ft of high quality commercial development space with full infrastructure in place set in 30 acres of landscaped parkland.
Nic Rumsey, director of JAYNIC, the developer of Haverhill Research Park commented,
“This is fantastic news for Haverhill Research Park, and for Haverhill generally. Being part of the Cambridge Compass Enterprise Zone brings several benefits and will undoubtedly add to our competitive edge within the Greater Cambridge area. We look forward to pushing forward with this as soon as possible.”
The Cambridge Compass Enterprise Zone aims to reach out to the greater Cambridge communities. The advancement into surrounding market towns, new neighbourhoods and rural areas will contribute to, and in turn, improve local and national economic growth.
On 1 April 2016, the Cambridge Compass Enterprise Zone will come into full effect. New occupiers will be offered the 100% business rate discount until 31 March 2022.
News of Haverhill Research Park winning Enterprise Zone status comes less than a year after the Greater Cambridge Greater Peterborough Enterprise Partnership (LEP) developed and submitted the proposal to Government.
“Securing Enterprise Zone status for the Cambridge Compass is a real boost for the local economy. We know that businesses, particularly international ones, want a base in Cambridge, which can drive up rents and constrain supply.
“Many national and international businesses now have the incentive to move to the Greater Cambridge area.”
Mark Reeve
Chairman – Greater Cambridge Greater Peterborough LEP
