Plans Lined up for 2 Multi-Million Pound Investments in Plymouth & South Devon Freeport
One of these is a £6.5m investment in a further phase of the Oceangate development, whilst the other is a £9.1m investment in industrial units at Langage Business Park (at Plympton, Plymouth). These investments add to the ongoing development of the Freeport in Plymouth and South Devon – a zone designated by the Government with certain tax and other allowances/benefits – which will create thousands of jobs and significantly boost the local economy. For further information on this subject please read the bulletin below which was issued by Insider Media today.
Roger Mundy, Managing Director, Beardsley Theobalds, 4th July 2023
PLANS LINED UP FOR PLYMOUTH AND SOUTH DEVON FREEPORT INVESTMENTS
Devon Freeport, as the region looks to capitalise on the "historic opportunity".
The first of the two – which are both earmarked for sites in the council's ownership – is a £6.5m investment in a further phase of the Oceansgate development.
This will bring forward 19,075 sq ft of lettable space for manufacturing and synthetic testing, creating 49 jobs.
The second is a £9.1m investment in industrial units at Langage Business Park, which will provide 60,440 sq ft of flexible, sustainable workspace, split across four different units at Beaumont Way, and creating 138 jobs.
Councillor Tudor Evans, leader of Plymouth City Council, said: "One of our key priorities is driving green investment, jobs and skills. The Freeport does exactly that.
"This is an historic opportunity for Plymouth to fully orientate our economy into delivering more skilled jobs and become a core international trading location. It is my priority now to make sure it delivers, driving forward our plans to create at least 3,500 jobs across the city."
He added: "We want the Freeport to not only be an economic boost for the city, but also be a hotbed of innovation. Whilst these plans are still in their infancy, it is clear that we are ambitious and driven to move forward at pace.
"The end result will be that we not only attract investment, and stimulate growth in green technologies to help our economy, but we put Plymouth on the map as a city where it make’s financial sense to do business."
Councillors at next week's Growth and Infrastructure Overview and Scrutiny Committee will hear more about what has been achieved so far at the scheme, as well as a "high-level preview" of what is planned over the coming months.
The Freeport in Plymouth and South Devon is a zone designated by the Government with certain allowances to boost the economy, such as lower taxes and customs. It aims to unlock millions of pounds worth of funding for the region, encouraging a "resurgence of economic activity" with businesses more inclined to open in the area.