London’s Enterprise Zone
Enterprise zones are specific geographical areas within a local enterprise partnership’s boundaries. London's Enterprise Zone is within the Royal Docks in East London, an area that provides a fantastic opportunity to develop in excess of 5 million square foot of commercial space along with homes and jobs.
The LEP has a strategic oversight role for the Royal Docks Enterprise Zone. The LEP is also due to retain business rates growth generated within the Royal Docks for at least 25 years for reinvestment in local economic growth. This will provide a significant income stream for the LEP to reinvest in securing jobs and growth for London over the coming years.
The Royal Docks
The schemes being proposed for the Royal Docks are large-scale, complex and often quite innovative. These include:
- Development of Europe’s largest Asian business park on the Royal Albert Dock site. The development will attract £1bn of inward investment and deliver 3.5m square foot of commercial space, retail and serviced apartments. The proposals will bring social and economic benefits to the local area, creating up to 20,000 jobs, making the scheme one of the biggest generators of jobs in the Royal Docks;
- Plans to transform Silvertown Quays into a new innovation quarter for global brands and businesses. The £3.5 billion regeneration will put icons of London’s industrial past at the heart of the 7m sq ft of development including over 2,500 new homes, attracting global brands and businesses and creating up to 14,000 new jobs; and
- Plans to build Britain’s first ‘floating village’ at Royal Victoria Dock with 50 residential homes, a blue water square, framed by a market square and a floating corniche. The plans also include a large multi-purpose events space and a mix of non-residential uses including restaurants, cafes, shops and leisure and office space. Plans for additional facilities, such as a floating Lido and an ice rink, were also proposed as part of the successful bid by Carillion Igloo Genesis.
Locating to the Royal Docks Enterprise Zone
Businesses locating to London’s Enterprise Zone will benefit from:
- 50 hectares of Business Rate relief (if occupying premises in the area by 31st March 2018) for five years from the date of arrival;
- Enhanced Capital Allowances at Royal Albert Dock (up to 31st March 2020) – good for capital intense industry e.g. biotech;
- Simplified planning – combined authority (Local Planning Authority / Greater London Authority / Transport for London / Developer)
- Project Planning Performance Agreement Broadband – part of the successful £25m Urban Broadband Fund bid (up to 1gb/ps where demand is registered through business application).