Telford ploughs in over £30m for industrial parks

Demand for new industrial units is currently outstripping supply in a Shropshire town, a new report shows.

However, a summary of figures put to Telford & Wrekin Council’s business and finance committee says a 10-year programme to fund new industrial buildings has now established a Shropshire town as a “major inward investment destination”.

The council’s growth fund, funded by borrowing and external investment from Homes England, has invested £30.5m into new industrial building projects over the past decade, according to the report from the council’s regeneration and investment service delivery manager, Dawn Toy. Of that figure, £24.7m has been funded by borrowing, with £5.8m coming from Homes England.

New developments funded by the scheme in the borough include more 400,000 sq ft of new employment space at the agri-tech focused NI Park business park in Newport, and 24 new units completed at Orchard Business Park on Telford’s Hortonwood industrial estate.

The authority says a gross yield of 7.76%, along with an uplift of around £400,000 as a result of new industrial units funded by the scheme, is being used to support front-line services in the borough.

“[ The growth fund ] is enabling us to respond to market demand, support local businesses, and create the infrastructure needed for a thriving economy,” said Cllr Ollie Vickers, Telford & Wrekin Council’s cabinet member for economy and transport.

“This approach is not only delivering financial returns but also creating real opportunities for residents and businesses including the creation of 415 new jobs across Telford and Wrekin. It’s about building a resilient, inclusive economy for the future.”

The report will be discussed by Telford & Wrekin Council’s business and finance scrutiny committee on 5 November.