Beeston Business Park

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Challenge: Employment opportunities are not evenly distributed across the UK, and the poorest communities are often more disadvantaged in terms of access to affordable workspace, services and economic opportunities. Underinvestment has led to a prevalence of derelict land, which can aggravate social, economic and environmental issues. These challenges – underutilised property and unmet demand – also present opportunities for growth. SMEs are particularly key to economic growth, contributing disproportionately to job creation.

Investable solution: The Bridges Property Alternatives Fund III has teamed up with Chancerygate on a major regeneration project near Nottingham. The site includes 48 acres of industrial and office space, including 20 acres of cleared land for development and a 9-acre sports field. Part of the site has been lying vacant and neglected for over 10 years – the partnership is looking at the potential to refurbish existing buildings to bring these buildings back into use. The partnership is also exploring options for a mixed-use redevelopment for the site, and intend to develop additional buildings on the cleared land – including high-quality light industrial units, of which there is a significant under-supply in this area of the East Midlands.

Outcomes: The mixed-use development has Enterprise Zone status and is therefore able to offer business rates relief. The redevelopment hopes to generate large numbers of new jobs, particularly for SMEs. The partners will also look to introduce environmental and sustainability features across the site where appropriate.

http://beestonbusinesspark.co.uk