EARLIER this year, the Government launched a Green Paper identifying strategic industries and proposals to support them through a mix of targeted investment. A White Paper is set to follow later this year.
Commercial property agent Prop-Search reports that an additional investment of £1.1 billion for local roads and public transport networks has the potential to open up new opportunities within the Midlands region, helping to meet its aspirations to encourage growth within the scientific and research & development sectors. The Government’s proposals are already the focus of attention within the South East Midlands Local Enterprise Partnership (SEMLEP) and are complemented by the additional proposal to invest a further £2 billion a year into R&D by 2020, with a concentration on science and technology.
This should prove to be a significant boost to the region’s leading universities and hubs for innovation, hopefully driving the growth of, and demand for, science parks and office space. Proposals for the Oxford to Cambridge corridor should be closer to realisation and offer the very real potential for regions in between, such as Warwickshire and Northamptonshire, to capitalise on the opportunity and stimulate new business within a region dominated by the logistics sectors.
Northamptonshire already has a significant allocation for new housing. Wellingborough, Kettering and East Northants have planning consents in place to ultimately deliver around 15,000 new homes. The challenge is the timeline for the delivery of these urban extensions. If they cannot keep up with the opportunities presented by the Government’s push on further investment in science and technology, then this region will miss a golden opportunity to attract investment from these sectors. Consenting a planning application does not, in itself, guarantee development and a focus on meeting targets limited to a five year supply is too short sighted.
Simon Toseland, a Director of Prop-Search, said: “A strategy that provides for a baseline housing supply equivalent to a target – for example a five year supply – that is complimented by a policy to accommodate the shorter term enhancement of this through strategic cluster development would open up the overall supply of housing and help keep pace with investment in the employment sectors. However, in general terms the supply of land for commercial development is extremely poor.
“The key factor for growth is to allocate and build out new employment stock – capitalising on the Governments proposals – to complement the housing supply. People tend to move house to be closer to their place of work. Just building houses, will not encourage people to relocate – they need somewhere to work.
“The Government’s ambition for regional devolvement is not universally supported by all Local Authorities. Some continue to hanker for independence but this could be addressed through a more open approach to regional development by encouraging local authorities to engage with each other in more frequent and interactive communication. In Northamptonshire’s case, this can be encouraged through SEMLEP’s more strategic regional overview.
“The Government’s proposals to inject significant investment are obviously both extremely welcome and wholly appropriate, especially given the decision on Brexit and offer a huge opportunity to those prepared to embrace a change in attitude. Failure to do so and a reliance on the historical approach to regional development will likely stifle growth at the very least – and potentially isolate the UK from the larger world stage.”
Further information or advice can be obtained from Prop-Search on 01933 223300 or 01604 492000 or via the website www.prop-search.com