Exciting plans to encourage economic growth
Exciting plans to invest millions of pounds into the area to encourage business and employment growth have been given the green light.
North Ayrshire Council’s Cabinet recently agreed to buy 120 acres of land from Scottish Enterprise in order to secure ownership of a Strategic Investment Campus - one of the largest undeveloped employment sites in the UK.
Located within i3, Irvine’s Enterprise Area - which has been the focus of Irvine Bay Regeneration Company (IBRC) for the last two years - the development of the Strategic Investment Campus provides an exciting opportunity for economic growth.
To date, IRBC’s efforts to promote the site have already generated significant results and led to 350 new jobs being created and the take up of more than 100,000 sq ft of commercial space.
Due to its Enterprise Area status, the site benefits from business rates relief for life sciences companies and enhanced capital allowances for businesses investing in plant and machinery, providing a significant benefit for companies investing in the area. It has an independent market value of £975,000.
Despite ownership of the SIC moving to the Council, Scottish Enterprise will remain committed to the ongoing development of the site and will reinvest the money they receive from the sale of the land back into the project.
Scottish Enterprise will also contribute up to £50,000 a year for up to five years to aid the ongoing development, marketing and promotion of the site.
There are now plans in place to carry out a series of development works and infrastructure improvements to encourage inward investment.
This includes investing £1.35 million to extending the spine road and £1.4 million to establish a number of development plots which can accommodate units ranging from 50,000 - 300,000 sq ft along with accompanying landscaping works, new signage and service ducts.
A total of £200,000 will also be used to improve the area’s drainage.
This investment will be funded through contributions from the European Regional Development Fund, IBRC, Scottish Enterprise and the Council, building upon investment already made by Irvine Bay Regeneration Company.
Councillor Marie Burns, Cabinet Member for Economy and Employment, said: “I’m delighted we have reached an agreement with Scottish Enterprise over the ownership of the Strategic Investment Campus. i3, Irvine’s Enterprise Area has already generated significant results and the purchase of this land and its subsequent development will allow us to promote the site and encourage investment and employment. It is hoped that this will ultimately help us bring increased employment opportunities and economic growth to North Ayrshire.”
Patrick Wiggins, Chief Executive of Irvine Bay Regeneration Company, said: “We are delighted that this deal has been done. The site is one of key strategic importance in attracting inward investment, and will appeal on an international basis given its scale and the infrastructure, including digital connectivity and power, available on site. The Enterprise Area continues to be a success story, with more than 100,000 sq ft of space let in the past year and hundreds of jobs created.”
Allan McQuade, Business Infrastructure Director at Scottish Enterprise, said: “We’re committed to maximising the economic opportunities from the Strategic Investment Campus. By agreeing this innovative approach with North Ayrshire Council, we can continue to invest in the area and encourage further private sector investment in North Ayrshire. This is great news for the national and local economy.”