Issue - meetings

To receive an update on the Telford Land Deal.

The Deputy Leader and Cabinet Member: Highways, Housing & Enforcement presented the report of the Director: Prosperity & Investment. The report set out the continued achievements of the Telford Land Deal during the last financial year and since its commencement in 2015 which with support from the Council’s Growth Fund and the Invest Telford Business Pledge which had delivered new higher skilled local jobs, created growth and security in the local supply chain and new homes across the Borough.

Since the Council entered into a unique 10-year Land Deal with Homes England, the Deal had cumulatively delivered the sale of a total of 34 commercial sites and 25 sites for residential development, achieving a gross sales income of £60.3m to date. These sites have enabled the delivery of 1,583 new homes and supported commercial premises in delivering 2,473 new jobs, with many in engineering and manufacturing adding skilled job opportunities for the Borough.

The financial successes of the Land Deal have meant that a cumulative profit of £19.1m has been achieved by the Land Deal partners up to 31 March 2024. In the last year alone, the Deal had delivered £11.7m in growth sales income, delivered 381,117sqft of commercial floor space and provided 48 new homes. The Council had in 2023/24, completed the reinvestment of £3.3m of its profit share alongside its Growth Fund to support the delivery of 24 industrial units at Hortonwood following the creation of Orchard Business Park.

The report highlighted that the Telford Land Deal Board had recently endorsed the decision of the Council to spend profit share monies to support the viability of projects being delivered through the Towns Investment Fund. This included approval to invest £3m of its profit share into projects in Oakengates and the Telford Town Centre. The funding had seen the delivery of new homes, refurbished retail units and quality public realm spaces. Investment had also supported the delivery of enhanced access routes and the new 43,055sqft Digital Skills and Enterprise Hub, located in the Quad in Station Quarter, accommodating a coordinated offer for both education and a flexible new space for businesses.

Ni Park had recently reached completion of its second phase with a further 3 units totalling 30,000sqft and is now a recognised hub for small businesses. The first phase of delivery had seen 24 small business units completed in October 2021, supported through funding from the Growth Fund and Land Deal profit share. All units proved popular with small agri-tech businesses, with further opportunities to partner with Harper Adams University. Another of the Council’s prime business parks, Hortonwood West had been highly successful in providing much needed employment land delivering 339 new jobs and 375,143sqft of employment floor space.

As the Land Deal draws nearer to the end of its 10 year agreement, negotiations had taken place to secure an extension, enabling the Council to continue to bring forward the small number of sites that remain and to continue to deliver new homes, create skilled jobs and foster sustainable growth.  ...  view the full minutes text for item 30