£5m in extra funding for new business park near Stowmarket
Gateway 14 is part of plans for a new 'freeport' for the East of England
£5 million of extra funding has been made available for the project to build a large business park by the A14.
Mid Suffolk councillors agreed to the extra funding for Gateway 14 in Stowmarket at a meeting of the full council last Thursday.
They also decided to extend the peak debt threshold for Gateway 14 Limited to just under £43 million. Gateway 14 Limited is one of two companies behind the project, and is owned by Mid Suffolk council.
The reasons provided were inflation in the construction market and the reduced period of delivery – due to interest in the site and timescales associated with Freeport East.
Freeport East is a new low tax, low regulation zone, which will host Gateway 14 as well as the ports of Felixstowe and Harwich International. It was one of eight new freeports in England announced by the Chancellor of the Exchequer in March 2021.
Conservative councillor Peter Gould, who proposed the recommendation, said: “This is the only option that doesn’t interrupt or delay the continuing progress at Gateway 14.”
This comes after retail chain The Range secured a business hub at the park in June, expected to create up to 1,650 jobs.
In response to a question by Green councillor Rowland Warboys about the project’s compliance with environmental standards, director for assets and investments Emily Atack gave an assurance that the council and The Range share aspirations for delivering a sustainable building and will work together to deliver “more than our requirements” in terms of environmental impact.
Green councillor Rachel Eburne said: “I have always supported Gateway 14 because I’m very pleased that we are investing in our local area.
“I think it is very important that the work being done to ensure the strong environmental credentials of the site pushes as far as possible.
“This is a site we own, and we need to show others what we can do in this area.”
Construction at Gateway 14 started in April, and all infrastructure and landscaping work is projected to be completed by Spring 2023. This was subject to the extra funding being provided.
The council expects the site to create up to 4,800 jobs and add value to the economy of between £75 million and £250 million.
Conservative councillor Tim Passmore said: “I think it is an excellent development, which will act as a magnet for prosperity because of its links to the freeport.
“We are all aware of some other major infrastructure projects elsewhere in the county taking place fairly soon, so the pressure on construction will increase.
“So, the sooner we can push this forward with great speed the better.”