Innovation Park Medway
- Capital Investment - Kent & Medway, Growing Places Fund, Less than £2m
Design in progress
Expected Completion Date
Innovation Park Medway is sited within the North Kent Enterprise Zone. The vision for Innovation Park Medway is to attract high GVA businesses focused on the technological and science sectors – particularly engineering, advanced manufacturing and digital creative industries. These businesses will deliver high value jobs in the area and contribute to upskilling the local workforce. This is to be achieved through general employment and the recruitment and training of apprentices including degree-level apprenticeships through collaboration with the Higher Education sector.
It is vital to develop Innovation Park Medway as soon as possible to ensure that businesses have the greatest opportunity to benefit from Enterprise Zone status, which commenced in April 2017. The GPF funding will allow enabling works to be completed on the southern site of the Innovation Park, which is required to bring forward development. These works will de-risk the site for potential occupiers.
The funding will allow the following works to be completed:
- Access road with shared footpath, cycle route, lighting and signage
- Utility ducting/service strip
- Fencing around site boundary (as required)
- Demolition of unused building
Completion of works will make the site attractive to businesses looking to relocate to Medway and to expand within Medway. The site will be actively marketed prior to and during the construction of enabling works to attract companies looking to build their own premises on the site (subject to the outcome of the development options consultancy work currently being developed in conjunction with the Masterplan). Businesses investing in the site will benefit from being within the Enterprise Zone and from potentially being able to custom design their own buildings (subject to site design guide compliance). Companies will occupy the site by 2021/22, prior to the end of the Enterprise Zone period.
Capital Programme delivery update
Take a look at our update on the delivery of the Local Growth Fund (LGF) and Growing Places Fund (GPF) capital programmes.
Growing Places Fund
The Growing Places Fund (GPF) was established by the Ministry for Housing, Communities and Local Government (formerly the Department for Communities and Local Government) and the Department for Transport (DfT) in 2011. The aim of this funding is to unlock economic growth, create jobs and ‘kick-start’ house building at stalled development sites.
The GPF was made available to SELEP for investment as a recyclable loan scheme. Loan repayment schedules for each project are agreed within the credit agreement which is put in place at the start of the project. Repayments against these projects are returned to the central pot for reallocation to new projects.
Through the GPF Round 1 awards, a total of £47.459m GPF was awarded to 13 capital infrastructure projects across the South East LEP area. Initial repayments are now being made by some of the Round 1 projects which has allowed funding totalling £9.317m to be awarded to a further 8 projects through GPF Round 2.