Capital build to create new Marine Enterprise Zone at Southyard, Plymouth.
Oceansgate is the first exclusively marine Enterprise Zone in the country, and part of the Heart of the South West LEP’s portfolio of three nationally designated enterprise zones.
Oceansgate is attracting commercial attention from businesses across the UK keen to move into the new site. Construction of Phase 1 started in 2017 to provide facilities that are designed to be flexible and easily adaptable so they can include office, design suites, testing labs and training rooms for technology development and prototypes production spaces as well as workshops for engineering and manufacturing and potentially laboratory space for research.
The South West Peninsula accounts for 14% of the marine sector nationally which means there is a wealth of marine and engineering skills in the area. There is also a high level of research and development happening in the south west. The site has the potential to bring these two very important sectors together to create more skilled jobs.
The Enterprise Zone status provides tax breaks including business rates discounts and more generous capital allowances as well as super-fast broadband. Income from business rates can be re-invested in Oceansgate for the next 25 years under the Enterprise Zone designation.
The LEP is a key strategic partner of the City Deal programme providing financial support, advice and advocacy from board members and an interface with government departments.
Growth Deal Funding: £1.5m
Growing Places Loan Funding: £5m
Started on site: March 2017
Completion: March 2018
See press release on completion of Oceansgate Phase 1 here.