Member Article

Aire Valley Land Ltd agrees £4 million loan with Leeds City LEP

Aire Valley Land Ltd. has agreed a £4 million loan with Leeds City Region Enterprise Partnership (LEP) to kick-start work on the Temple Green site leading to the creation of around 7,000 new jobs.

The LEP loan will be used to accelerate development on the 350-acre siteby funding ground work and remediation, as well as the construction and installation of key enabling infrastructure.

The investment will provide an immediate boost to local construction employment, with 20 jobs set to be created during the initial phase of work, and is forecast to deliver a cumulative economic impact to the City Region economy worth £1.5 billion by 2021.

Aire Valley Land Ltd, a partnership between Evans Property Group and Keyland Developments Ltd, is responsible for the development of the Temple Green site.

It has planning consent for 205,000 sqm for a range of employment buildings suitable for manufacturing and distribution, with potential for technology and support offices.

The Enterprise Zone is a significant and strategically important development site for the Leeds City Region, with the potential to create up to 7,000 jobs. The Zone now benefits from assisted area status, meaning companies can apply for higher levels of public sector support than elsewhere.

In addition to the LEP Growing Places Fund loan, the Council recently announced that £5million funding had been secured through a government Building Foundations for Growth grant to unlock and accelerate remediation and infrastructure works on the Temple Green site.

Roger Marsh, Chair of the LEP, said: “Given the strategic location of the Enterprise Zone and the enormous potential the site has to offer investors, I am pleased the LEP has been able to support the site with a Growing Places Fund loan.

“Temple Green is the largest site in the Leeds City Region Enterprise Zone and makes up nearly 50% of the whole Zone.

“Enabling development to start on the site as soon as possible is very important to the long-term success of the Zone, and will ensure that the benefits in terms of job creation and new investment will be felt across the entire City Region.”

James Pitt, development director of Evans Property Group said: “The works facilitated by the LEP funding and the government’sBuilding Foundations for Growth granthave ensured the deliverability of this strategic site.

“We can begin realising our vision of creating a major Leeds logistics hub now that the site is development-ready and in turn start the process of bringing inward investment and jobs to the city.”

Cllr Richard Lewis, Leeds City Council’s executive member for transport and the economy said: “I welcome the strong partnership working between the LEP, Leeds City Council and the private sector to deliver new investment and jobs in the Enterprise Zone.

“It’s great to see that Aire Valley Land is pressing ahead with this development opportunity to attract modern manufacturing firms. The Enterprise Zone has unrivalled benefits for businesses to take advantage of, and I look forward to seeing these developments take shape and for companies coming forward to snap up the units.”

The LEP’s Growing Places Fund is currently open for applications from businesses based or looking to invest in the Leeds City Region.

Loans of between £500k and £1m are available to support infrastructure projects that will help accelerate economic growth, deliver new jobs and remove barriers to development.

This was posted in Bdaily's Members' News section by Clare Burnett .