We see investing in businesses, premises and the infrastructure to support economic growth as vital in ensuring the continued prosperity of our area.
Not only does it support businesses and job opportunities for our communities, but it also provides an income to help us continue to deliver high quality services and even more economic support.
By using our premises and land, alongside working with companies, we have been able to help businesses grow.
Graeme Craig, Chief Executive, OMAR Group, tells us about his business, the ‘can-do attitude’ of West Suffolk Council and why Brandon in West Suffolk is the location for the OMAR Group.
We have invested in creating new roads and infrastructure for business parks. We have also provided loans to help development come forward, such as the EpiCentre in Haverhill. Additionally, we have committed to create 40,000 square feet of start-up and incubation space at Suffolk Business Park which was approved for new and growing companies.
Our multi-million investment in properties across West Suffolk supports place shaping and drives economic growth, as well as improving the centre of our towns.
The income generated from the assets we own, from car parks to businesses and properties, total around £15.4 million per year. This income helps to support the delivery of services to residents and businesses in West Suffolk and strongly supports our strategic priority of growth in West Suffolk’s economy for the benefit of all our residents and, indeed, UK plc.
By working with partners, such as the United States Airforce, we have also connected local companies, and apprentices to the millions of pounds of investment. For example, in the case of supporting the F35 fighters coming to Lakenheath, partners have been able to see £85 million in social value generated to date for the area. The project won the Defence Infrastructure Organisation Sanctuary Award for Social Value and has created more than 140 local jobs so far. The spend on local small and medium enterprises is nearly 30 per cent of the budget.
We will continue to be bold in investing or attracting outside funding for infrastructure to bring commercial development forward.