Multi-million pound cash boost for major research and business complex
PUBLISHED: 19:00 02 September 2019
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New jobs could be heading for Haverhill Research Park and Enterprise Zone after a multi-million pound cash injection was revealed for a major project.
West Suffolk Council had previously announced a loan of up to £3.5million to help fund a scheme which will see a 30,000 sqft business centre built at the gateway to the town.
Now a further £2.7million cash boost from the government's Local Growth Fund investment pot has been agreed by the authority, which will help to finance jobs and business opportunities.
The major development will feature offices and research accommodation - together with conference and meeting rooms, training facilities and a 'work-hub' area.
West Suffolk had been working with the Cambridgeshire and Peterborough Combined Authority to secure additional funding for the project, which has now been confirmed.
John Griffiths, leader of West Suffolk Council, said: "This is part of West Suffolk Council's ambition and drive to attract jobs and economic opportunities to our area and further ensure our future prosperity.
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"By working with the developer and partners, across borders, we have been able to bring millions of pounds of investment to Haverhill, an economic boost for our residents and businesses together with an income to support council services.
"One of the reasons for creating the new West Suffolk Council was to be better able to attract external funding while still being the right size to work with our local communities on tailored initiatives and this is an excellent example.
He added: "Haverhill is a growing town, full of opportunities and potential."
Mayor of Cambridgeshire and Peterborough, James Palmer, said: "It's about partnership.
"This development shows how the combined authority and business board works with local partners to make things happen, quickly and effectively.
"With this Local Growth Fund investment, West Suffolk Council can press forward with what promises to be a fantastic base for growth, creating new jobs, new businesses, and widening prosperity for this important part of our regional economy."
Construction of the new business site is expected to begin in early October, with the centre set to be ready to open in September 2020.