MIRA Technology Park will be able to attract even more world-class businesses to the West Midlands after the Government gave the green light to extend its flagship Enterprise Zone.
The move will pave the way for an additional 250,000 square foot of work space for cutting-edge research and development with the potential to create hundreds of new jobs and draw down millions of pounds in private-sector investment.
MIRA is home to some of the biggest names in the automotive business and is central to the Government’s Enterprise Zone programme that is playing a vital role in driving forward our economy.
The announcement by the Chancellor George Osborne today comes as it was confirmed global giants GKN, Continental and Goodyear are set to move to the park while Swedish company Haldex opened its new building there today. Together, the four companies will create more than 100 jobs. Work is also set to begin on key infrastructure works following the award of nearly £13 million of Government funding.
Communities Secretary Eric Pickles said: “MIRA is leading the charge for Enterprise Zones. It’s a fantastic set-up and that’s why world-class companies like GKN, Continental and Goodyear and Haldex are moving there. This extension will cement its place as the number one site for automotive research and development in the UK. It also has the potential to create up to 300 new jobs and draw down an extra £50 million in private sector investment that will have knock-on benefits for the local economy and community. It really does show we were right to back Enterprise Zones as part of our long-term economic plan.”
MIRA Enterprise Zone is aiming to become the largest transport hub in Europe. It is already home to more than 30 transport companies and has 35 major testing facilities and laboratories, including crash impact simulation and a full scale aerodynamic wind tunnel. Last month British icon Aston Martin announced they had taken space at the new bespoke facility at the park.
GKN, Continental and Goodyear will move into the recently completed 27,500 square foot Technology Centre that includes secures workshops and office space. Also complete and opened today was a 25,500 square foot bespoke building for Haldex.
The Government has also invested £12.9m from its Local Infrastructure Fund to support growth of the Enterprise Zone.
The Government opened the Enterprise Zones in April 2012 as part of a 25-year project to rebalance the economy, offering tax incentives, simplified planning and super fast broadband to companies. Latest figures show they have created 12,530 jobs, attracted 434 new businesses and generated over £2 billion worth of private investment since opening for business.