Multi million pound land deal set to boost Stowmarket
- Credit: MID SUFFOLK DISTRICT COUNCIL
Stowmarket is set for a potential multi-million-pound boost for the local economy after the purchase of a key development site.
Mid Suffolk District Council's subsidiary company Gateway 14 Ltd has bought the 54-acre Stowmarket East site, next to junction 50 of the A14.
The land is currently agricultural but is earmarked for a new business and logistics park, with the potential to build more than one million square feet of logistics, warehousing, advanced manufacturing and business space.
A spokesman for Mid Suffolk Council said the cost of the purchase was not being revealed at this stage.
"We are in talks with interested parties regarding the development, but having only completed on the land this week it's too early to be talking about anyone moving in just yet," they added.
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The land, opposite the Cedars Park area of the town, has outline planning permission for business and industrial use.
It is next to land bought by Gateway 14 Ltd in August 2018 and the purchase of both sites enables Gateway 14 Ltd to control development of the whole site, maximising use of the land and ensuring a more 'joined up' development
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Gerard Brewster, cabinet member for economy and chair of MSDC (Suffolk Holdings) Ltd said: "The development of Gateway 14 is an exciting venture that will help Mid Suffolk's economy to thrive - creating local employment opportunities and supporting new and existing businesses.
"We are ideally placed to attract major investors to our district and look forward to delivering significant benefits to our communities as a result of unlocking the potential of this site, as promised in our 5-year Vision for Prosperity action plan for Stowmarket."
Gateway 14 Ltd chairman Chris Haworth said: "This is a very positive acquisition by Gateway 14.
"The combined land holding provides a unique opportunity for major occupiers seeking to locate in the region, as well as excellent facilities for local businesses seeking state of the art premises."
A shortlist of potential partners to help deliver the development has now been drawn up by Gateway 14 Ltd.
A report is scheduled to go before Mid Suffolk District Council later this year. Councillors will then consider and approve the delivery model for the development.
The development comes as a jobs boost for the town just weeks after power tool company Bosch, one of its major employers, announced it would be closing its Stowmarket site with the loss of up to 140 jobs and moving production to Hungary.