Dudley Waterfront enterprise plans sent to the Chancellor
Plans for an enterprise zone in Dudley – which include a Midland Metro extension – have been lodged with the Chancellor, Philip Hammond.
The development to make the Waterfront a 'high tech office hub' would see 7,000 new jobs created as part of a £600 million deal.
A map revealing the extent of the development shows new metro stops for New Road, Cinder Bank, Pedmore Road, Canal Street, Waterfront, Merry Hill and Brierley Hill Terminus.
It comes just months after councillors agreed to plough £100,000 into the scheme to bring the proposal up to date and finally off the ground.
The plans are expected to be rubber-stamped by Philip Hammond in his autumn statement.
The Waterfront development, which is expected to inject around £600 million into the regional economy each year, will see a complete revamp of the existing site.
As well as reoccupying 18,000 sq m of vacant office space, the zone, when fully built, will include up to 110,000 sq m of new office space, 36,000 sq m of new technology space and 65,000 sq m of new industrial space.
The total development is expected to deliver up to 7,000 new jobs and provide an boost to the economy of £589m each year.
Bosses expect businesses to start moving onto the site next year.
Dudley South MP Mike Wood, said: "It's fantastic news that the new enterprise zone, which will bring thousands of new jobs to Dudley, is moving a step closer and is in course to welcome its first businesses next year. Persuading the Chancellor to approve the revised bid for a zone was the highlight of my first year as MP. The new investment will transform the area."
Businesses locating to enterprise zones get up to 100 per cent business rate discount worth up to £330,000 per business over a six-year period.
They also benefit from simplified local authority planning processes and get government support to ensure superfast broadband is rolled out throughout the zone.
Councillor Pete Lowe, leader of Dudley Council, said: "This is extremely exciting news for Brierley Hill and the wider area. The enterprise zone will reinvigorate the existing Waterfront office complex."
