LONDON, May 4, 2012 /PRNewswire/ --
Development work to attract logistics companies to one of the most run-down areas of the country, as part of the Government's drive to create jobs, has begun.
The Leeds City Region LEP (Local Enterprise Partnership) launched the new Aire Valley Leeds Enterprise Zone, one of 22 areas identified by the Government to receive regeneration funding, on April 2nd.
The 142-hectare zone, adjacent to the East Leeds Link Road (A63), is expected to create 7000 jobs and £550m of additional economic activity by 2025. Many of these will be in logistics as companies take advantage of the close proximity to the M1.
Companies are being enticed to set up or expand into the area by incentives including reduced business rates worth up to £275000 over a five year period.
Chair of the Leeds City Region LEP Neil McLean said: "The launch of the enterprise zone is a milestone for the local enterprise partnership and will significantly improve our national and international investment offer.
"The opportunity presented by the EZ to retain business rates means that we can invest more money across the city region to address important issues such as improving skills levels and creating better job opportunities."
The Aire Valley Leeds Enterprise Zone consists of four sites - Newmarket Lane (9.2ha), Thornes Farm (21ha), Temple Green (63ha) and Logic Leeds.
All are ready for development and have planning consents in place for a range of employment uses, including large-scale manufacturing, distribution and high quality offices.
Alongside this, Leeds City Council has committed £2.5m to build a new spine road to accelerate development of the 49 hectare Logic Leeds site, one of the four sites making up the new zone.
David Wells in the Development Director of Muse Developments, one of the key developers helping to make the ambitious plans a reality.
He said: "The Aire Valley Leeds Enterprise Zone is well ahead of the game.
"Benefiting from excellent transport links and close proximity to the M1 and Leeds City Centre, Logic Leeds will provide an ideal location for companies in healthcare, low carbon manufacturing, renewable energy, waste management, logistics and distribution."
Muse Developments are working with Evans Property Group, KeyLand Developments, Castle and Wilton Developments, and Leeds City Council to develop the enterprise zone.
More information on the enterprise zone can be found at http://www.airevalleyleeds.com/ez.
SOURCE Locations 4 Business