Drive to revive Brierley Hill business park
More than twenty years ago former employment secretary Michael Portillo stood on a canal bridge overlooking The Waterfront business centre in Brierley Hill and hailed it a 'tremendous revolution' for jobs.
He spoke of the success of a 10-year business rate break offered to new firms at the once-vibrant site and cut a ribbon opening the Waterfront East development, which created a futher 2,500 jobs.
But since that visit, the area has been hit by the economic downturn and the site now stands with more than a third of office space empty following the departure of many major firms including Lloyds Banking Group.
Today, Dudley Council has unveiled a proposal bosses hope will repeat the success of the Government enterprise zone 20 years ago and reverse the trend of decline at the business park.
The Dudley Business Investment Zone will last for five years and will offer new and expanding firms a two-year break in business rates – with the council and landlords footing the bill, which could run as high as £550,000.
The scheme, which will go to the council's cabinet for approval next week, could create 1,600 new jobs at The Waterfront.
Councillor Pete Lowe, cabinet member of finance, said: "Should this scheme be approved, the economic benefits would increase significantly, with an additional 1,600 jobs coming from the re-occupancy of the existing site." The site has 750,000 sq ft of office space with about 2,500 people working there – but currently 300,000 sq ft of office space is standing empty.
About 40 businesses are located in the district, including JD Weatherspoon Plc, Virgin Media and West Midlands Ambulance Service.
Phil Coyne, assistant director for economic regeneration at the council, said he hoped success could lead to further building of up to 750,000 sq ft of office space on land nearby.
He said: "Once we get businesses in we hope to see benefits for the entire area including the nightlife here."
He added: "We have spoken with the building owners and they have been very favourable for this." One landlord backing the idea is Stephen Fitzgerald, who owns about 4,000 sq ft of office.
He signed a 20-year lease with Co-operative Society for part of his office space, however the company moved out about 10 years ago.
The lease expires in two years, and Mr Fitzgerald is keen to get a new tenant in to avoid being left to foot the full business rates.
He said: "I support this scheme because I can see it attracting more interest and businesses coming in, and that's what we need. I hope once a few more come in you will see more and more show interest."
