A 35 million pound fund to boost employment property in East Midlands

East Midlands Development Agency (emda) is working with the seven Sub-regional Strategic Partnerships to inject thirty five million pounds into a fund to create sustainable properties to support the growth of high quality jobs in the region.

The High Quality Employment Floor Space fund aims to create and encourage more skilled and high added-value jobs in the East Midlands by providing quality sites and buildings for regional businesses as well as attracting foreign investment. It will assist in contributing to the 1.5% annual growth rate for employment floor space across the region, a key objective in the 2006 Regional Economic Strategy.

The fund will focus on areas of high potential including the growth area of Northamptonshire, recently designated growth points of Derby, Leicester and Nottingham, Lincoln, Newark and Grantham, and sub-regional centres defined in the draft regional spatial strategy.

Projects considered for funding will include:
- employment space in the key priority sectors of transport equipment, food & drink, construction and healthcare
- science and technology space supporting the growth in the knowledge economy
- incubator space for start-up companies particularly in the science and technology sector
- upgrading existing or commercially unattractive sites to increase high quality employment space
- grow-on space to support the development of the priority sectors and growing science and technology companies

Applications to this fund will need to demonstrate that proposed projects will promote high standards in both their sustainability aspirations and deliverability as well as their potential to catalyse and encourage wider regeneration.

Grants will range between two hundred and fifty thousand pounds and five million pounds over the next three years. Lower value projects starting from fifty five thousand pounds will also be considered for feasibility and planning studies for development of employment floor space. Expressions of interest must be received by 18th February 2008.

The fund will be supported through emda funding and may be part-financed where appropriate with European Union and sub-regional funds.

Anthony Payne, Land and Development Director at emda said:
"An œInvestment in land and development is a key priority of the Regional Economic Strategy and vitally important to the East Midlands economy. Creating and improving employment space and achieving the 1.5% annual growth rate which will help assist in generating more high-quality jobs in the region, as part of our commitment to a flourishing region."

For more information on the fund, visit www.emda.org.uk/floorspacefund or contact Ruth Brasier on 0115 988 8486 or Carolynn McCullough on 0115 988 8531.