The acquisition is part of a wider £12.1million investment by the council and partners in new incubation units to support locally the growth of the Advanced Manufacturing and Engineering (AME) sector. This will provide much needed space for new businesses in that sector to flourish and be supported as well as encourage jobs growth.
The Zone 3 sale, will allow the construction of 40,000sqft of industrial units which have the backing of the New Anglia Local Enterprise Partnership and Suffolk County Council.
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West Suffolk Council, through the former St Edmundsbury Borough, led on securing land for the creation of Suffolk Business Park and the Eastern Relief Road that serves it, as well as securing enterprise zone status.
The project recognises the potential of the Advanced Manufacturing and Engineering (AME) sector to capitalise on business growth along the A14 corridor between Felixstowe and Cambridge. The investment in incubation units also presents wider opportunities for the business sector growth across the whole of West Suffolk as part of the Cambridge to Norwich Tech corridor
Cllr John Griffiths, Leader of West Suffolk Council, said: "We are delighted to complete this purchase and the next stage in our wider £12.1m investment in the delivery of new business incubation units and our support of the development of the advanced manufacturing and engineering sector in West Suffolk.
"This will not only create the environment for new and start-up businesses but also collaboration space, further stimulating the growth in and for West Suffolk, of this important, energetic and versatile sector. We are also of course grateful for the support of Suffolk County Council and New Anglia Local Enterprise Partnership and that some of the business rates from the Enterprise Zone can be reinvested here locally, enabling this growth to take place."
