Investment zones are one of a series of measures to encourage growth as set out in the Government’s Growth Strategy. This is a laudable objective to stimulate growth. However, there is a distinct lack of detail on how these Investment Zones would work and the practical measures required to deliver this acceleration of commercial development and new homes.
In theory, the tax incentivisation, the use of business rates for reinvestment and the resulting demand from both developers and occupiers should stimulate significant demand for space in these new zones. However, there are significant challenges in the form of planning that will need to be addressed.
Over many years we have been told that the planning system needs streamlining. Now, with the new Growth Strategy, we are facing potential planning liberalisation.
We set out further detail in our briefing note, providing a useful summary of what it means and how it will lead to change. For more information on any of these topics, our expertise and knowledge in the sector, or to discuss a particular project, please do contact one of our team.