Basing View set to lead the way as enterprise zone partnership is launched
The newly-created Basing View Enterprise Zone links with two other major regeneration sites, Longcross Park near Chertsey, and Whitehill and Bordon’s Louisburg Barracks, to enjoy a host of advantages for the whole region as part of EZ³. The partnership is expected to attract more inward investment and accelerate high value business activities to generate local jobs and stimulate a vibrant economy.
The first company expected to benefit from enterprise zone status at Basing View is the AA, which is relocating its headquarters from Fanum House in Basingstoke to a multi-million pound state-of-the-art office building, which will be completed in 2018.
Enterprise Zone status will give the AA - and all new compliant businesses that expand within or locate to Basing View - business rates relief up to £275,000 over a five year period. There will also be unique access to ground-breaking 5G technology through the 5G emulator based on Basing View, offering businesses the opportunity to test the commercial viability of 5G technology.
EZ³ will be one of the most connected Enterprise Zones to the UK’s key transport and commercial hubs, having excellent links to Heathrow, Gatwick, London City, as well as Southampton Port and Airport.
The successful bid for Enterprise Zone status across the three sites was driven by Enterprise M3 LEP in close partnership with Basingstoke and Deane Borough Council, East Hampshire District Council, Runnymede Borough Council, Hampshire County Council, Surrey County Council, Crest Nicholson, Aviva and Homes and Community Agency.
Basingstoke and Deane Borough Council’s Cabinet Member for Property and Development Cllr John Izett said:
“Securing Enterprise Zone status at Basing View is a big win for the borough and for those growing companies and new ones who will benefit financially from potential business rates’ savings over five years. “Working with the Enterprise M3 LEP and two 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 £229m over that 25 year period.
“This will mean further regeneration and jobs at Basing View and, in time, additional investment in the borough, which gives a very positive outlook for the future.
“We hope that the AA, one of the borough’s leading employers will be one of the first to benefit from the rates’ savings as it relocates within Basing View to the new Enterprise Zone.”
The three sites in EZ³; totaling 40 hectares, will create about 11,000 jobs, and attract more than 130 new businesses. This will help build the region’s reputation as one of UK’s most desirable places in which to live and do business.
For more information visit www.basingview.co.uk/enterprise-zone.
"We hope that the AA, one of the borough’s leading employers will be one of the first to benefit from the rates’ savings as it relocates within Basing View to the new Enterprise Zone"