Arch, the development company owned by Northumberland County Council, has bought land at the Ramparts Business Park in Berwick.
Part of the business park will be included in the newly-expanded North East Enterprise Zone from April 1 next year.
Jacqui Kell, Arch director of business strategy, said: “Arch is currently investing at Ramparts and has bought up some development plots from Gladman so we hope to see further investment in Berwick on that site.”
Enterprise zones offer huge benefits to local businesses and offer incentives for new businesses to locate inside the zone, including up to 100% business rate discount worth up to £275,000 per business over a five-year period.
All business rates growth generated by the Enterprise Zone is kept by the relevant local enterprise partnership and local authorities in the areas for 25 years to reinvest in local economic growth.
According to the North East Local Enterprise Partnership, Enterprise Zone status would help to lower overall operating costs for occupiers of Ramparts Business Park through business rate relief.
It is envisaged that this attractive incentive would open up new development opportunities and accelerate the development of the site.
The site could enable significant job creation with the potential for up to new 500 jobs.
Ms Kell also attempted to dispell notions of Arch being ‘some dark and mysterious organisation’.
She explained that the company was wholly owned by Northumberland County Council but is a commercial business with assets of around £200million.
It has interests in several spheres including homes, business, investment, developments (including Walkergate and the former Cowe’s buildings in Berwick), commercial and workspace.
She said Arch was ‘really proud’ of the success of Berwick Workspace.