‘Massive’ benefits in zone extension

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South Yorkshire could ‘massively’ benefit from the Government’s extension of the Sheffield City Region’s Enterprise Zone, according to property consultants Knight Frank.

Meanwhile, City Region Local Enterprise Partnership chairman James Newman is predicting that changes in George Osborne’s latest Budget will make the zone even more attractive to inward investors.

In recent announcements new sites in the region have been granted Enterprise Zone status, while the time that benefits will be available has been extended from this time next year to 2018.

At the same time, George Osborne has extended the time companies can make investments which qualify for enhanced capital allowances to March 2020.

Rebecca Schofield, Partner at Knight Frank, said: “The Enterprise Zone extension to 2018 is great news and could massively benefit South Yorkshire’s industrial property development as well as its manufacturing businesses.”

“The market is beginning to improve and this, coupled with the capital allowances available for qualifying occupiers, will hopefully result in new development, both on a build to suit basis and potentially via some speculative development, which is likely to be at the smaller end of the size range.

“With the extension, we anticipate that this will help stimulate growth.”