Pictured above: Stephen Hemming
Experts at national commercial property consultancy Lambert
Smith Hampton (LSH) have given an enthusiastic welcome to the
decision of the Greater Birmingham and Solihull Local Enterprise
Partnership to recommend Birmingham city centre as an Enterprise
Zone.
They say it will give city development a much-needed shot in the
arm, and could be the catalyst for stalled projects to
re-start.
Stephen Hemming, LSH Director of Planning, Development and
Regeneration, said: "This is a good decision for the city and will
give a boost to the Big City Plan. It makes Birmingham a
commercially attractive place to locate and is likely to bring in
fresh investment, as well as kick-starting projects which have
stalled because of the economic climate."
Enterprise Zone status means companies can enjoy tax breaks and
reduced planning restrictions. Incoming employers will be exempt
from business rates for five years, and the local authority can
keep extra business tax revenue to re-invest in encouraging
enterprise and jobs. The LEP Board has submitted Birmingham city
centre to be approved as an Enterprise Zone, and is also planning
an "Enterprise Belt" stretching from Staffordshire and North
Worcestershire along the M42 growth belt.
Stephen Hemming added: "Enterprise Zone status will help
developers and investors, and encourage much-needed speculative
development as well as providing the spur for incoming tenants and
occupiers. Likely improvements in infrastructure will provide
further encouragement."
Pictured above: Jon Hinton
And Jon Hinton of LSH's Office team said the Zone could also
help to tackle the issue of office space shortage in the city
centre in the medium term.
"With the possibility of a five year exemption from business
rates Birmingham is bound to become a more attractive location.
There is very little being built in the city in terms of Grade A
office space at the moment, and at the current rate of take-up in
three to four years time there will be next to nothing available.
Although funding for development remains tight, Enterprise Zone
status could give developers the encouragement needed to push ahead
with their plans, particularly on the city's more high profile
sites.
"In addition, within the life of the Enterprise Zone, HS2 will
probably be much closer to reality so we could also see some
investment moving from London to Birmingham."
For more information about Lambert Smith Hampton, please visit
their website here: www.lsh.co.uk