The project will focus on acquiring land in Hawick, Coldstream, Duns, Lauder and Peebles and investing in infrastructure on five sites including servicing, access and landscaping.
As a result, the Council is lowering the risk to developers to bring forward business space for ultimate sale or rent. Development of a series of ‘investor ready’ sites is a key part of the Council’s priority to create a climate for businesses to grow and promote the Scottish Borders as destination for inward investment.
The Council is committing £3.6 million towards the project up to 2014, which in turn will attract income from the disposal of the serviced sites and nearly £1 million of grants under the Rural Development priority of the Lowlands & Uplands Scotland (LUPS) Programme, the European funding source for regional development projects.
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In the initial phase of the project, more than four hectares of serviced development plots will be made available and it is anticipated that around 7,600 square metres of business space will be created, resulting in more than 200 jobs at the sites themselves.
The commitment by the Council provides a unique opportunity to purchase and develop much-needed business land and, through the successful bid for European grant-funding, reduce the overall project costs. It will also result in a mix of modern business space across the Scottish Borders for new businesses, company expansion or new businesses.
Councillor Vicky Davidson, Executive Member for Economic Development, said: “There is limited land readily available for employment and business development in the Scottish Borders and this has been raised as a significant strategic economic development issue for the Borders economy.
“In response, this project shows how we can prime the development of sites by lowering the risk to developers to build high quality sites for businesses. A significant proportion of business space in this area was constructed in the 1970s whereas demand is for more modern premises.
"I am delighted that this project, initiated in 2007 with the identification of new sites, has now won the funding to deliver serviced sites. This will improve our economic competitiveness and ultimately provide more than 200 jobs in high value, purpose-built premises.”
(GK)
