Regeneration of former Coryton oil refinery site will create 5,500 new jobs and expected to add £350 million per year to the local economy.
Thames Enterprise Park Limited, a joint venture between ALMCOR and Greenergy, has been given the green light from Thurrock Council for one of the most significant brownfield regeneration projects in the South East of England.
Thames Enterprise Park will revive the former Coryton oil refinery site, initially delivering 3.7 million sq ft of advanced logistics, advanced manufacturing and next-generation energy technology uses. It will create up to 5,500 new jobs.
The development is expected to add more than £350 million per year to the local economy ultimately growing to more than £3.5 billion. 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.
The development will have sustainability at its core and will comprise state-of-the-art construction to the highest standards of energy efficiency. It will help occupiers to deliver on ESG requirements and feature next generation energy technologies that contribute to the decarbonisation agenda.
Rupert Wood, Head of Strategic Land at ALMCOR, speaking on behalf of Thames Enterprise Park, said:
“This is an important milestone for the project.”
“Thames Enterprise Park is a once-in-a-generation regeneration project and we are very pleased to secure the support of Thurrock Council’s planning committee. The project will create 5,500 jobs and will play a transformational role for Thurrock and for Thames Freeport, bringing this former employment site back into use with up to 3.7m sq. ft of modern, sustainable business space. It will also create one of the most significant employment-led regeneration projects in the South-East of England.”
Thames Enterprise Park will play a pivotal part in the long-term success of Thames Freeport, the UK’s leading Freeport, with the site offering significant additionality for the Thames Freeport to achieve its full potential.
The plans will put Thames Enterprise Park at the heart of the decarbonisation agenda and help occupiers looking for solutions in the face of the energy transition and the climate change challenge.
Thames Enterprise Park 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.
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Notes to editors:
Thames Enterprise Park
- The project is owned and being delivered through a JV between real estate regeneration specialist, ALMCOR and Greenergy.
- ALMCOR is a portfolio company of MARCOL, the pan-European operating investor driving growth, value and innovation.
- More information on Greenergy can be found at https://www.greenergy.com/
- Thames Enterprise Park in Thurrock is one of the most significant employment-led regeneration project in the South East of England.
- It is a once-in-a-generation opportunity to re-purpose the former Coryton Oil Refinery site on the banks of the River Thames in Thurrock into a modern, sustainable commercial district, providing up to 3.7million sq ft of ‘next generation’ advanced manufacturing, logistics and energy technology space.
- The proposed redevelopment transforms 412 acres of brownfield land into a sustainable, strategic employment and infrastructure asset, creating up to 5,500 new jobs worth approximately £350m per year to the local economy.
- As well as extensive commercial space, the proposed development also includes an Amenity Hub to promote research and innovation as well as education and training facilities, café, gym and new public access to the riverside.
- Employment, training and apprenticeship opportunities will be promoted to Thurrock residents via a Local Employment & Skills Plan, using local labour sources and advertising for jobs locally.
- Thames Enterprise Park will deliver a comprehensive multi-million pound package of transport investment, including upgrades to the local road network at The Manorway, the A13/Manorway interchange, Sorrells roundabout and M25 Junction 30.
- The development will maximise sustainable transport choices and enhance connectivity by all transport modes throughout the local area and improve the overall resilience of the transport network. Thames Enterprise Park is one of six identified ‘GrowthHubs’ in Thurrock that are critical to the economy of the Borough to deliver the Council’s action plan ‘Backing Thurrock’.
- It is strategically located on the Thames Estuary with direct access to river, road and rail links.
- Drawing on its energy-related heritage, strategic location and trading connectivity, Thames Enterprise Park is a forward-looking destination for business, driving sustainability and innovation and contributing to the decarbonisation agenda.
- The development will maximise ‘sustainable travel choices’ and enhance connectivity by all transport modes throughout the local area and improve the overall resilience of the transport network.
- Thames Enterprise Park is part of the Thames Freeport, alongside Port of Tilbury, Ford Dagenham, DP World London Gateway and the Port of London Authority (PLA). Thames Freeport is the Government’s leading freeport opportunity and is set to make this part of the Thames Estuary an economic powerhouse, supporting the UK’s post-Brexit trading future.