First phase of £7m Atex Business Park in Stowmarket nears completion
PUBLISHED: 13:03 04 September 2019 | UPDATED: 17:02 04 September 2019
The first phase of a £7 million business park expected to create up to 100 jobs in Stowmarket is nearly complete.
Agents for Atex Business Park said the first six units in the 37 unit scheme off Gun Cotton Way were due for completion at the end of the month and sold, subject to contract.
Rowan Mason of chartered surveyors Merrifields, who are acting for developers Atex Developments, said it was too soon to identify occupants for the new units, each around around 1,600 square feet.
But he said the second phase of the scheme, due for completion in November, would see building suppy giants Screwfix take a 4,228 square foot unit.
He said; "We are very happy to have secured the sales of all the units in the first phase of the development.
"It shows the demand is high for small businesses to expand in the area even in an uncertain climate and gives our client confidence in the development."
Mr Mason said Atex Business Park was the first new business park to be built speculatively in the region since the credit crunch and the recession.
"It shows confidence in the regional commercial property market and the potential for growth in Stowmarket," he said.
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Atex Business Park is a redevelopment of brownfield land close to junction 50 of A14. The scheme is scheduled for completion by 2021.
It was part-funded with £630,000 from New Anglia Local Enterprise Partnership's (LEP) Growing Places Fund.
This provides loan-funding to help kick-start and support development projects across Suffolk and Norfolk.
Chris Starkie, chief executive of New Anglia LEP, said: "I'm pleased to see this development progressing.
"Our Growing Places Fund aims to help create new jobs and boost businesses on sites which would not have been developed without our help, and that is exactly what we can see here in Stowmarket."
The scheme neighbours the 54-acre Stowmarket East site owned by Mid Suffolk District Council's subsidiary company Gateway 14 Ltd.
This is earmarked for a new business and logistics park of up to one million square feet of logistics, warehousing, advanced manufacturing and business space.
Mayor of Stowmarket Paul Ekpenyong said he was delighted the Atex scheme was nearing completion: "It's been long in the planning so it's great to see it start coming to fruition and give a boost to employment in the town.
"Coupled with the Gateway 14 scheme it is going to be a great business corridor for Stowmarket."