Basingstoke is set to benefit from thousands of new jobs and million of pounds of investment following the announcement Basing View is to become an enterprise zone, writes Matthew Brown.
In what will give the borough “a huge competitive advantage”, businesses taking up premises before March 2022 will receive a business rates discount for five years, and the rates generated by the zone over a 25 year period will be retained and invested locally.
Basingstoke and Deane Borough Council’s cabinet member for property and development, John Izzett, said: “Winning enterprise zone status from April will give Basing View and the borough as a whole a huge competitive advantage.
“Working with the LEP (Local Enterprise Partnership) and other enterprise zone partners, we will be able to share in the growth in business rates for the next 25 years, guaranteed by Government.
“It is estimated that we will be able to share in funding of £229million over that 25 year period.
“This will mean further regeneration and jobs at Basing View and, in time, additional investment in the borough as a whole”.
“The future looks very positive”.
It comes as communities and local government secretary Sajid Javid visited Basingstoke and was impressed with the collaboration between the borough council and Hampshire County Council over the Basing View development,
He said: “It is good to see two highly respected Conservative Councils working together on this strategic project.
“Upgrading and replacing the buildings with new ones to the latest standards will help generate thousands of jobs and increase the prosperity of North Hampshire.”
Depending on cabinet approval on Tuesday, the AA will take some of the office space being built at Basing View.
Waitrose and John Lewis are already tenants at the development with their largest combined store, and Network Rail has opened a regional training campus and training hub.
It is hoped the enterprise zone will attract 60 new businesses, creating 4,130 new jobs in Basingstoke.
The offices are scheduled to open in 2018.