Enterprise Zone to unlock £100m for York Central development
YORK CENTRAL, a mixed-use redevelopment planned for the city will get a kickstart after Chancellor George Osborne’s Autumn Statement yesterday, in which he created 26 more Enterprise Zones.
Plans have been put forward to develop the brownfield site surrounding York railway station, dubbed York Central.
Authorities are planning on using the 4.30 million sq ft site as a business district, as well as providing up to 1,000 homes in the area.
Now the brownfield site has been designated an Enterprise Zone in the Chancellor’s Autumn Statement, one of 26 to be created, after lobbying from the City of York Council and the York, North Yorkshire and East Riding Local Enterprise Partnership.
They say that the York Central Enterprise Zone will unlock £100m to develop the site, as the Zone status will mean that 50% of business rates from the site, which would have gone to the government, will be kept in the area.
This joint bidders for the Enterprise Zone have said that this will provide the funding to be able invest in the infrastructure required to unlock the site and encourage business investment.
They have estimated that this could help to create up to 7,000 jobs in the city, including high-value office jobs, and over £1.1 billion value for the region’s economy.
Barry Dodd, York, North Yorkshire and East Riding Local Enterprise Partnership, said: “City of York plays a key role in driving growth across York, North Yorkshire & East Riding. Accelerating the development York Central, one of the largest city centre brownfield sites in Europe, is key to driving growth in the city and beyond. We fully support the potential of the site and welcome the Government backing our ambitious plans”
Mark Tarry, Route managing director at Network Rail , which supported the bid, said: “By working with City of York Council to have this area of land designated as an Enterprise Zone we hope to unlock the potential of the site, allowing new homes and investment in this key location.
“It has long been the aspiration of Network Rail, CYC and many local residents and businesses to see this under-utilised space developed to support the vibrant economy and to meet the ever-growing demand for homes in the city of York.”
Andrew Sharp, head of Business at Make it York, said: ” York Central presents a huge opportunity for the city. Receiving Enterprise Zone status for the site is a significant step forward and will provide a real catalyst, helping us to attract more businesses and investment to York.”
