‘Bring back Enterprise Zones’
THE director of a Greater Manchester firm of chartered surveyors has called for the return of Michael Heseltine’s Enterprise Zones to help kickstart the commercial property market in areas earmarked for regeneration.
Paul Nolan, a director at Bury-based Nolan Redshaw, argues the market is in a “dire” position and the lack of finance from the banks, together with rates on empty buildings, are holdings back the chances of recovery.
He wants to see zones, such as those introduced by Mr Heseltine when he was environment secretary in the early 1980s, that offer tax breaks for developers, rate relief and a simplified, cheaper planning regime.
Local authorities should also reduce their requirements from Section 106 agreements which typically involve a developer contributing cash to fund public realm improvements, said Mr Nolan.
“Vast areas of the North West of England, in our large towns and cities, are all in need of regeneration to a greater or lesser extent,” he said.
“The current economic climate asks more questions than it provides answers. What will lead or start the regeneration process? How will it be financed and also who or which development companies can facilitate it? There is low demand for employment space and currently we have an economy that seems to be unable to subsidise physical regeneration of any sort.”
He added: “Physical regeneration provides employment; improves the appearance of areas and, done in the right way, improves the morale and wellbeing of an area. The building and regeneration industry are at a low ebb and regeneration is becoming a thing of the past.”
Mr Nolan said there were “no silver bullets” but stressed Government subsidy through Enterprise Zone measures, and the reduction of local fees, were “obvious ways” that could help regeneration.
