Town Deal investment unlocks business site's potential
Council invests Town Deal funding to unlock huge development
Newcastle-under-Lyme Borough Council is going to invest more than £3.7million in a major business development at Chatterley Valley West.
The investment, which will be formally approved by Cabinet later this week, will be funded through the Council’s Kidsgrove Town Deal monies and will enable vital infrastructure and road planning for the huge project to commence.
The £3.7million will be coupled with a contribution of £3.5million from Staffordshire County Council, already agreed at their Cabinet meeting on 15 December.
More than 1,700 jobs could be created by the development and it is expected that over £60million in private sector investment could also be brought in.
The huge expansion of the business park, on brownfield land within the Ceramic Valley Enterprise Zone adjacent to the A500, is a unique development partnership project that also involves Stoke-on-Trent City Council, the Local Enterprise Partnership and the developer.
When it is completed, the site will be one of the biggest business developments in the North of the county in many years, and has the potential to release more than £2.5million in business rates each year. It is expected that business rates will be retained in the local area at least until 2041.
Simon Tagg, the Leader of Newcastle-under-Lyme Borough Council, said: “This is an opportunity for us to use the funding we secured through the Town Deals to make a real difference to our communities in Newcastle and Kidsgrove, due to the ideal location of the site and the expansion of the Enterprise Zone in the borough. The development will naturally benefit both, safeguarding employment opportunities and existing jobs in the area.”