Plymouth and South Devon Freeport is the first of eight Freeports to be given the full green light along with two others. The approval unlocks millions of pounds of grant seed funding and enables applicable businesses to join and take advantage of the Freeport status.
The Freeport will:
● Enable new employment land to be bought forward at the three sites of South Yard, Langage and Sherford
● Accelerate the formation of advanced manufacturing clusters in marine, defence and space sectors with low carbon applications at the forefront
● Leverage £250m private sector investment
● Ensure seed capital grant from Government of £25m for essential infrastructure
● Include £29m investment from local councils
● Support a new £30m Innovation Centre at Oceansgate
● Provide a major expansion plan for Princess Yachts
● Deliver over 3,500 jobs
The Freeport is a dynamic public/private partnership between us, Plymouth City Council, South Hams District Council, working alongside Babcock, Princess Yachts, Carlton Power, the Sherford Consortium and a wider range of stakeholders including the Universities of Plymouth and Exeter, Plymouth port operators, skills providers and the Heart of the South West LEP to ensure its success.
Harnessing the region’s key strengths in marine, defence and advanced manufacturing, and supporting the burgeoning space sector, the Plymouth and South Devon Freeport will enable innovators and investors from across the world to test, trial and take to market cutting edge technology and products.
Working with the Department of International Trade, a dedicated team of experts will showcase the Freeport to global investors and businesses who fit the criteria to expand or relocate to the region.
Businesses that are part of the Freeport can take advantage of a range of tax and customs benefits and incentives to support growth, innovation and investment in the South West including business rates relief, employer National Insurance contributions rate relief, stamp duty land tax relief, capital allowances, VAT and tariff benefits and simplified import procedures.
Approval now enables interested businesses to begin taking the first steps to contracting, designing and planning their place within the Freeport with the Freeport team, landowners and partners and discuss the myriad of benefits this presents.
See the full press release here.
