A LEADING North East property agency has welcomed the UK Government's plan to establish two new Investment Zones in the region.
Bradley Hall, which has seven branches from Alnwick to Tees Valley, believes the developments – should they come to fruition – could create ‘a virtuous circle of growth that will benefit the entire North East region.’
The establishing of 12 new Investment Zones was one of the statement ‘economic boosting’ initiatives unveiled by the Chancellor of the Exchequer, Jeremy Hunt MP, during the Spring 2023 budget on Wednesday (15 March).
Backed by £80million of Government funding and benefiting from 'generous tax incentives', eight areas in England have been shortlisted to host Investment Zones, two of which are in the North East and Tees Valley.
Each of the Zones will receive a total of £80m over five years, with the funding able to be used to improve skills, provide specialist business support, improve the planning system or local infrastructure.
Neil Hart, Group CEO of Bradley Hall, said: "Should they come off, the two Innovation Zones would be fantastic news for the region, creating thousands of jobs and transforming the economic landscape of the area for generations to come.
“For far too long, the North East of England has been an overlooked part of the country. We have suffered from a lack of investment and a shortage of opportunities for businesses and residents alike.
“But this announcement could well herald the beginning of a new dawn. The creation of the Investment Zones would attract new businesses, investment and jobs and would help to stimulate economic activity, creating a virtuous circle of growth that will benefit the entire region.
“It would also prove a major boon for the region’s commercial property industry. Demand for commercial property in the North East is already on the up, but this would lead to even more investment and development, from Berwick all of the way down to Boulby. It’ll create new opportunities for investors, developers and landlords, proving a huge lift to the entire industry.”
Hart is also confident that the establishing of Investment Zones could be felt across other sectors as well as the property industry.
“The potential benefits of the Investment Zones would stretch far beyond the property sector too,” he added.
“By attracting new businesses to the region, we will naturally see increased demand for a wide range of services, from hospitality, to retail, professional services and logistics.
“This will create new job opportunities across the jobs market and provide a huge boost to local businesses.
“What’s more, it will help attract new talent to the North East. With new businesses setting up, we will see more high-skilled jobs made available, creating new opportunities for residents and help reverse the brain drain that has plagued our region for so long.
“Of course, the establishing of the Investment Zones will not be a silver bullet for the region’s economic woes. It will require a sustained effort from the public and private sectors to invest in our region, promote our assets and create the conditions for growth.
“But these announcements – along with more powers set to be unlocked by further devolution for the North East - is a significant step in the right direction. It’s now up to us to capitalise on the opportunity presented to us and really make the most of it.”
For more information on Bradley Hall, visit: https://www.bradleyhall.co.uk/
