Welcoming the Government’s green light for Thames Freeport
Thames Enterprise Park (TEP) has welcomed the Government’s green light for Thames Freeport and its confirmation of £25 million in initial funding to drive development and accelerate the delivery of the Freeport’s benefits and potential.
As a ‘Customs’ site within Thames Freeport, TEP will deliver the ‘additionality’ which is so central to the Freeport regeneration objective, complementing the already identified ‘Tax’ sites and offering its unique land platform into the Freeport ecosystem.
HM Government confirmed its commitment to Thames Freeport (20 March announcement – read here).
Rupert Wood, Head of Strategic Land at ALMCOR, speaking on behalf of Thames Enterprise Park, said: “Thames Freeport has significant potential to be transformational for Thurrock, South Essex and the wider Thames Estuary. The Government green light and funding commitment is another important step forward. At Thames Enterprise Park, we have a strategic land platform to bring into the overall Thames Freeport area and we expect to deliver substantial ‘additionality’ in terms of jobs, return on invested capital, and a full spectrum of broader commercial, social and environmental benefits.”
TEP is part of Thames Freeport alongside Port of Tilbury, Ford Dagenham, DP World London Gateway and the Port of London Authority (PLA).
Triggered by the Government announcement, Thames Freeport will now receive up to £25 million seed funding from government and potentially hundreds of millions in locally retained business rates to drive growth in the UK’s advanced manufacturing, biomanufacturing, logistics, and low carbon industries.
Levelling Up Minister Dehenna Davison said: “We’re delivering on our mission to grow the economy and level up right across the UK. Thames Freeport is up and running and will bring high quality jobs, investment and trading opportunities for businesses in the region.”
Robin Mortimer, Maritime UK Chair said: “This latest wave of Freeport approvals is a major boost for UK maritime and the wider levelling-up agenda. Business, and the wider communities, will now be able to benefit from the wave of investment, development and jobs that Freeports are projected to generate.”
Thames Freeport estimates that it will generate over 12,000 new jobs, and as a gateway to London, its hubs are well placed to provide global shipping routes for exporting UK produced goods and importing vital products for supply chains.
TEP anticipates making a significant difference to occupiers and industries that want to be part of the Freeport ecosystem and will benefit directly from locating at TEP where they can be part of the sustainable industries, clean fuels, advanced manufacturing and decarbonisation hub that TEP will provide.
TEP has planning permission (‘Resolution to Grant’) for up to 3.7 million sq ft of commercial development within an integrated site masterplan for the regeneration of the former Coryton oil refinery site.
With multi-modal connectivity (river, rail and road) together with deep-water jetties and important pipeline infrastructure already in place, TEP will provide outstanding commercial space for advanced logistics, advanced manufacturing and next-generation energy technology uses. It will particularly benefit businesses looking for energy resilience, decarbonisation and ESG goals.
On its own, TEP will create up to 5,500 new jobs and deliver an estimated £350 million per year to the local economy.
It will transform 412 acres of brownfield land into a new commercial district with the first plots expected to be ready for development during 2023
TEP is one of ALMCOR’s major brownfield regeneration projects. It is part of ALMCOR’s portfolio of large-scale, complex redevelopment sites where ALMCOR’s capability and expertise is making the difference in bringing strategic sites forward.