Northstowe News

Enterprise Zone brings benefits to local community

What is an Enterprise zone?

Enterprise Zone status for part of Northstowe secures a number of benefits for the local area, including a business rate discounts and local job creation.

The Cambridge Compass Enterprise Zone is a dynamic network of sites for businesses to locate and grow.

The Cambridge Compass Enterprise Zone creates a unique opportunity to expand the reach of Cambridge – a global centre of innovation – to the surrounding market towns, new communities and wider rural areas to boost the local and national economy.

It includes part of the new town of Northstowe, as well as Lancaster Way in Ely, Cambridge Research Park in Waterbeach, Cambourne Business Park in Cambourne, and Haverhill Research Park in Suffolk.

By securing Enterprise Zone status for part of Northstowe, secures a number of benefits for the local area, including a business rate discount of up to 100% for five years for businesses that move into the Cambridge Compass Enterprise Zone element of the site as well as creating local jobs for hose living in the new town.

Enterprise Zone status is a Government led initiative that was secured by the Greater Cambridge Greater Peterborough LEP via the Autumn Statement in 2015.

Mark Reeve is Chairman of the Greater Cambridge Greater Peterborough LEP: “Securing Enterprise Zone status for the Cambridge Compass was a real boost for the local economy, and now we can start to attract new businesses to move into these sites. By drawing these sites together under the Cambridge Compass Enterprise Zone, we can provide a unique proposition to local, national and international companies looking for a new place to locate their businesses, drawing out the benefits of Cambridge to the surrounding area.”

Andy Lawson is Projects Director at Gallagher Estates where the EZ is located: “We are pleased that Northstowe has been included in the EZ as this will help to grow the economy of the new town alongside the first new homes that will be available early next year.”

The area with Enterprise Zone status is part of first phase of employment land within Northstowe, providing an even greater incentive for companies to move into the new town in the early stages of its development. The Business Rates discount is available now to businesses looking into the Enterprise Zone.

You can find out more by visiting www.cambridgecompass.co.uk or following @CambCompass on Twitter