| the north east
INVEST IN TEES VALLEY T
ees Valley has a world-class reputation for delivering large-scale projects across
key sectors, such as Offshore, Oil and Gas, Advanced Manufacturing, Engineering, Chemicals and Processing, Automotive and Aerospace, Logistics, Renewables and Digital.
road, rail, air and sea connections, which include a deep-water port, international airport, extensive passenger and freight rail network and some of the least congested roads in the country.
Tees Valley is a world renowned industrial centre with an established history and expertise within our key sectors. This gives us a competitive advantage over many other areas and has helped attract over £1.3 billion of capital investment since 2011. Tees Valley’s main advantage over other UK and global locations is its low operating costs. Tees Valley is undoubtedly a cost- competitive location, with rents and rates around half of most major cities, and a quarter of those in London. This, combined with competitive wage rates, and financial incentives available on sites and premises, make it a great location for new investment or expansion. Tees Valley has a first class infrastructure, and many companies have already chosen to locate in the area. Major global players such as SABIC, BP, Huntsman, ConocoPhillips, Amec Foster Wheeler, Jacobs Engineering and Mitsubishi already operate from sites within Tees Valley. From world-class OEM’s to leading tier-one suppliers, there are hundreds of businesses already taking advantage of what is on offer in Tees Valley. There are excellent
The area’s long heritage and industry expertise means that there is a ready- skilled, affordable workforce available to businesses looking to invest in Tees Valley. It is one of the most loyal and dedicated workforces, with staff turnover rates one of the lowest in the country. Tees Valley is also one of the most fertile places for developing talent, with the ever-expanding Teesside University home to 20,000 students, a large proportion of which study manufacturing and engineering courses. One thing that really makes Tees Valley stand out as a forward-thinking business location is the way the area looks after its businesses. Tees Valley Combined Authority (TVCA) have a Business Investment team with a strong track record of attracting investment into the area and are on hand to offer the best possible support and advice to help potential inward investors locate to an area with immense possibilities. TVCA work alongside local and national organisations to ensure that our businesses are given the opportunities to grow to the next level.
• Total of £1.326 billion expenditure in Tees Valley since 2011 (that’s £6.5 million a week!)
• £174 million of investment secured through schemes like the local growth fund, which will deliver projects across the area up until 2021
• Investment of £764 million in Enterprise Zone projects since 2011
• Over 8,000 jobs secured since 2011
A cost-effective place to invest More than ever, companies need to focus on the cost effectiveness of their facilities and Tees Valley has some of the lowest operating costs in the UK.
Rents and rates are around half that of most major UK cities, and a quarter of those in Aberdeen, London and the South East. Labour costs are also much lower than the national average. This, along with considerable financial incentives on sites and premises and access to a range of funding and support, makes Tees Valley an attractive location compared to other regions. Tees Valley has a low cost of all-round living, meaning companies are profitable and people have more time to spend enjoying what’s on offer in the area. In practically any comparison between Tees Valley and other UK cities, you’ll find that there are considerable cost savings to be made here.
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Tees Valley Enterprise Zone There are a wide range of cost-effective sites and premises across the Tees Valley, with 12 Enterprise Zones and a total of 423 hectares available for new business investment that offer financial incentives to companies choosing to locate here, as well as simplified planning and super-fast broadband.
The Enterprise Zone encompasses a wide range of sites including a number with existing units. The sites include both new and established business and enterprise parks, plus large cleared industrial sites with access to utilities, port services and logistics.
All our Enterprise Zone sites offer
excellent transport connections, with excellent road links to the A66, A19 and A1(M), main line railway stations offering passenger and freight services, an international airport on the doorstep and access to one of the UK’s largest deep water ports, Teesport.
Enhanced Capital Allowance Enterprise Zones:
Four sites have Enhanced Capital Allowances. Companies locating on these sites can apply to receive first year capital allowance at 100% on qualifying plant and machinery to a maximum of £100 million to offset against corporation tax when the investment is made. Tees Valley is one of only a small number of areas across the country that can offer large-scale occupiers enhanced capital allowances.
Business Rate Relief Enterprise Zones: Companies locating to one of the eight Enterprise Zones offering business rate relief may qualify for up to £55,000 a year of rate relief over 5 years, totalling £275,000. These sites are ideal for small and medium sized businesses which form the supply chain of the area’s heavy industry such as petrochemicals, renewable energy and advanced engineering, or which are part of the area’s emerging and fast growing digital sector.
For more information about Tees Valley
contact Tees Valley Combined Authority on 01642 524400, email info@teesvalley-
ca.gov.uk or visit our website at
www.teesvalley-ca.gov.uk
COMMERCIAL PROPERTY MONTHLY 2016
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