Basing View has officially been launched as an enterprise zone in what has been described as a “significant step forward”.
It is hoped that eligible businesses will take advantage of new and refurbished facilities, discounted business rates and pioneering 5G technology, creating 4,130 new jobs in Basingstoke.
The enterprise zone was launched in a ceremony held at Belverdere House in Basing View on Friday.
“Achieving an enterprise zone status is a significant step forward for business growth in our area,” said Geoff French, chair of Enterprise M3 Local Enterprise Partnership.
“With proximity to Heathrow, London, and other key transport hubs, this will strengthen our capacity to attract more businesses, create jobs and build on our strengths in digital and sustainable technologies.”
Basing View has joined two other enterprise zones, Longcross Park near Chertsey and TechForest near Bordon, in a partnership called EZ3.
Mr French also said that the intention was to market the London and South Innovation Valley to international businesses.
Enterprise Zone status gives eligible businesses that expand within or locate there business rates relief of up to £275,000 over a five-year period, up until the end of March 2022. 5G technology will also be on offer to businesses.
The AA will be the first to benefit from the discounted business rates and the technology in Basing View when they move headquarters from Fanum House to a state-of-the-art, multi-million pound office building in 2018.
It is estimated that the borough of Basingstoke and Deane will be able to share funding of over £229million for the next 25 years, from the business rates generated from the enterprise zones, according to Cllr John Izett, the borough council’s cabinet member for property and development.
Currently undergoing a £200m regeneration programme by the borough council, Basing View has already seen the largest combined Waitrose and John Lewis at Home store open there.