Funding approved for new Suffolk business park
PUBLISHED: 17:53 21 August 2018
Work is under way to develop a new business park in Stowmarket, helped by loan funding of £630,000 from New Anglia Local Enterprise Partnership (LEP).
Atex Business Park is a redevelopment of brownfield land on Gun Cotton Way, close to the A14. When complete, the site will consist of 37 small business units housed in six buildings, all linked by a new road and utilities infrastructure.
Construction has begun on the site following a successful application to New Anglia LEP’s Growing Places Fund, which provides loan-funding to help kick-start and support development projects across Suffolk and Norfolk. The first phase of the project is due to complete next year with the opening of 10 units. It’s estimated the park could provide up to 100 jobs once fully complete.
David Elder, managing director of Atex Developments Ltd, said: “We are delighted to have obtained a loan from the LEP. Without their help this development would not have got off the ground because so much of the infrastructure needs to be in place before we complete the first units.
“It is our plan to sell the units freehold, which will allow businesses to expand and employ more people.”
Doug Field, chair of New Anglia LEP, said: “This is exactly the type of project the Growing Places Fund was designed for – helping a development get off the ground so that it can grow and contribute to the success of our economy. Once complete, this site can do just that - with the facilities to allow existing businesses to expand and improve productivity, and the potential to attract new businesses to the area and create new jobs.”
The new park is being built on former farmland which was earmarked as employment land in the Stowmarket area Action Plan.
It is not to be confused with another business park currently under development nearby, and also off the A14 - ‘Gateway 14’, being built in approximately 40 acres of green space including a new country park and linked to nearby housing areas by new cycle paths and bridle ways. At the heart of Gateway will be an estates service hub which will include covered waiting areas for local buses and taxis arriving at the dedicated forecourt, and there will also be a small shop, crèche and serviced offices for start up businesses.