A new commercial and technology park being built in Derby has been given a further boost after being granted an extension to its Enterprise Zone status.
As part of his Autumn Statement, Chancellor of the Exchequer George Osborne announced that eight pre-existing Enterprise Zones would be extended – and among these was the zone covering Infinity Park Derby.
Infinity Park Derby is a 100-acre development being built near to Rolls-Royce's civil aerospace site on land between Sinfin and Chellaston.
Costing around £200 million, the development aims to attract a number of high-tech companies to more than 1.5 million square feet of offices, warehousing and ancillary facilities that are being planned.
It is hoped that once completed, the site could be home to up to 8,000 jobs.
Enterprise Zone status puts Infinity Park Derby in a far better position in terms of its attractiveness to companies considering relocating to the site.
Firms moving to the development will enjoy benefits such as tax breaks and business rates discounts.
Infinity Park Derby was initially granted Enterprise Zone status at last year's Autumn Statement.
The Chancellor's announcement is an extension of the inducements firms locating to Infinity Park Derby would benefit from, such as enhanced capital allowances, which is tax relief on things like plant and machinery.
Infinity Park Derby is a collaboration between Derby City Council, the Harpur Crewe Estate, Rolls-Royce and developers Cedar House, Wilson Bowden and Peveril Securities.
Work is well underway on the site and its first building – the £11.8 million Innovation Centre – is due to open in January.
Construction of a new link road running through the development, between the A50 and Wilmore Road, is also at an advanced stage.
Councillor Martin Rawson, city council deputy leader and cabinet member for communities and city centre regeneration, said: "This is a welcome addition to the Infinity Park Derby package.
"The development is rapidly becoming the most attractive place within the East Midlands to locate a business.
"The addition of enhanced capital allowances further reinforces this position."
Peter Gadsby, chairman of Cedar House Investments, said: "I'm pleased that the Chancellor has announced the extension to the Infinity Park Derby Enterprise Zone. It reinforces the excellent opportunities that are available at this location.
"It is recognition for an outstanding strategic regional employment site where we hope to attract occupiers from throughout the UK and overseas.
"Infinity Park Derby will seek to build on the city's reputation for innovation and advanced engineering.
"The incentives available through the Enterprise Zone will be a major assistance to those occupiers considering investing in new facilities at Infinity Park Derby.
"We are already in dialogue with several occupiers and this recent announcement will certainly help in our discussions as we look to bring new employment to Derby."
Infinity Park Derby is being marketed by Salloway Property Consultants and JLL.
Steve Salloway, managing director of Derby-based Salloway, said: "With the advantage of the further tax breaks offered through the Enterprise Zone extension, I expect Infinity Park Derby to become one of the East Midlands' most fertile breeding grounds for enterprise and innovation.
"Sitting alongside a world-renowned brand as Rolls Royce – and on the doorstep of multi-national businesses such as Bombardier, Toyota and JCB – the development project will be attractive to 'supply-chain' companies in the advanced manufacturing sector, not only indigenous and UK-wide organisations but from overseas too."
James Keaton, director at JLL, said: "This is another significant positive for the scheme. In securing an extension to the Enterprise Zone this will be of major benefit in attracting occupiers, particularly those around the high tech and manufacturing sectors to whom such status is often most beneficial."
This article was orginally produced in conjunction with Derby Evening Telegraph and was published here.