Growth fund secures hundreds of jobs and new investment
Strategic use of a £50m Growth Fund will help to create about 1,000 new jobs and has safeguarded a further 400 in Telford & Wrekin, the borough council has said.
The growth fund enables the council’s Estates and Investments team to react quickly to investment opportunities that come to the market.
It also supports the growth of the council’s property investment portfolio bringing additional essential income into the council to support service delivery and makes the borough attractive to investors.
The council said the fund was also a key part of its drive to improve the borough’s infrastructure to attract and retain business.
A report to the council’s cabinet, which meets on July 13, says that in less than 18 months £29.3m has been committed to a range of investments.
Through the investment of the full £50m, the council is set to generate over £3m a year in additional gross income.
Cllr Lee Carter, Telford & Wrekin Council’s cabinet member for Finance, Commercial Services and Economic Development, said: “The Growth Fund, alongside the Telford Land Deal and wider Enterprise Telford offer, has been key in a number of major investments and is continuing to attract interest locally and regionally.
“High profile investments include Magna International’s multi-million pound investment into T54 will act as a major stimulus to the local supply chain, creating hundreds of new jobs.
“The council has also acquired the Audley Avenue Industrial Park in Newport – which will safeguard the future of 13 businesses and more than 160 jobs.”
Other investments set to deliver a significant return for the borough include a Travelodge in Telford town centre and an existing property investment at Halesfield 25.
The council is also looking at opportunities to manage commercial premises belonging to third parties, including lease renewal, rent reviews, rent collections.
A large regional charity has approached the council urging it to invest a proportion of its capital reserves into commercial property.
This could facilitate further business expansion or new investment.
