Chancellor announces extension to Oxford's Milton Park Enterprise Zone
PUBLISHED: 11:15 01 April 2015 | UPDATED: 11:15 01 April 2015
MEPC, which manages Milton Park in Oxfordshire, has captured another award from Government, this time by winning an extension of more than 17 acres to its Enterprise Zone area which totals 70 acres.
The extension to the zone was announced by The Chancellor in the spring budget, and is forecast to generate around £2 million a year up to 2038 for key Oxfordshire infrastructure projects. In Milton Park’s existing Enterprise Zone, there is a 17 acre area of land which is to be protected to safeguard a scheduled ancient monument, and on which there are restrictions for development. The new land announced is to replace the protected site and is spread across six smaller sites within Milton Park and will enable up to 370,000 sq ft (35,000 sq m) of new, high quality commercial office and research
space to be developed.
Within the Enterprise Zone, businesses can claim business rates discounts of up to £275,000 over a five year period, whether they are new to the Park, or existing businesses looking to expand.
In addition, all business rates within the Enterprise Zone are retained locally for investment in infrastructure to benefit the Oxfordshire economy. The additional 17 acres will generate around £2 million a year up to 2038 to be allocated by the Oxfordshire Local Enterprise Partnership for key infrastructure projects.
Milton Park has seen job numbers increase by more than 1,000 in the 15 months and with further growth coming forward over the next few months, the Park is rapidly enhancing its reputation as a knowledge economy hotspot.
James Dipple, chief executive officer, MEPC said: “Milton Park, as one of the most successful science and business parks in the UK, is growing at an unprecedented rate. We’re delighted to be making a major contribution to the Oxfordshire knowledge economy. This extension will assist us to support the development of further entrepreneurial and innovative businesses within the Enterprise Zone. Our thanks go to Matthew Barber and his team at the Vale of White Horse District Council, and Nigel Tipple and his team at the Local Enterprise Partnership for all their support.”
Matthew Barber, leader of Vale of White Horse District Council, said: “This decision not only demonstrates the Government’s long term commitment to developing our local economy, but is also set to generate millions of pounds of much needed infrastructure funding to help us improve local facilities.”