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 across 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.
Commercial director for Silverstone Park, MEPC’s Roz Bird, 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 and make an impression among clients. It negates any concern about ‘can we afford this?’ Instead it gives them confidence to take out a lease and invest and grow their business.”
The acquisition of Enterprise Zone status means that business rates that would otherwise have been collected by the Government will now be made available to BTVLEP and MEPC for joint reinvestment in Silverstone Park, along with an additional 50 per cent.
Areas such as broadband services, utilities and roads as well other initiatives would be the likely targets of any reinvestment.
Richard Harrington, chief executive of BTVLEP said: “From a standing start excellent progress has been achieved at Silverstone Park. We look forward to welcoming sector leading occupiers shortly and to continued investment in the Enterprise Zone.”