In a move to become the UK's leading place for green businesses, Hertfordshire IQ aims to boost the offsite industry with the development of three million square feet of new commercial space, ideally placed for offsite manufacturers and its supply chain.
The Enterprise Zone - which is just 30 minutes from London - sits in the heart of a housebuilding hotspot, with over 100,000 homes to build by 2036 and a need to speed up the delivery of quality homes. Based in Hemel Hempstead, Hertfordshire IQ provides sustainable, flexible workspaces, tax breaks and collaboration opportunities with industry experts including the BRE Group, who are keen to work with new partners on research and development projects.
Jake Berry, Minister for the Northern Powerhouse and Local Growth said: "Since their creation, Enterprise Zones have been the foundations of success for over 1,100 businesses, attracting £4.28 billion of private sector investment and creating over 51,000 jobs - proving the UK is a great place to do business.
"Hertfordshire IQ aims to become the leading place in the UK for businesses operating in modern construction, agri-tech and related digital and environmental technologies and the £680,000 investment from the Local Growth Fund has opened the door for up to 800 new businesses, creating over 8,000 new jobs. Hertfordshire IQ will also form the commercial heart of the Hemel Garden Communities development at Hemel Hempstead, creating around 10,000 high quality new homes in a wonderful setting."
With a focus on sustainable clean growth, businesses demonstrating low carbon operations will be able to benefit from tax breaks through a business rates relief scheme. The development is being created using sustainable methods and materials with additional investment in transport links and digital connectivity. Demand for new homes in the area is high, with an estimated 60,000 homes needed every year on the edge of London. Government has indicated that one million homes will be built in the Oxford/ Cambridge corridor, creating huge potential for offsite manufacturing.
Asked about the challenge of clustering businesses to drive productivity, Mark Bretton, Chair of Hertfordshire Local Enterprise Partnership said "We have a proven track record of clustering commercial activity around science and research and that's exactly what we're delivering with Hertfordshire IQ."
"We're encouraging a cluster of modern construction and agri-tech companies to locate here, shining a light on the world leading expertise we have in Hertfordshire."
"With our partners BRE Group, Rothamsted Research and the University of Hertfordshire, we can offer businesses opportunities to develop and grow."
He added "Sustainability is at the heart of everything we do. We're thinking about what we might need in the future – for transport, workplaces, blue and green infrastructure - and most importantly people and the local community."
"We're working with landowners like The Crown Estate and our Local Authority partners to create a desirable, sustainable and in demand business hub that thrives for generations to come."
A new innovation hub will also be built at BRE, providing increased capacity for start-ups and incubation to access leading science and research. As businesses flourish and outgrow their incubation space, larger workspaces will be available in Hemel Hempstead. The construction industry has a strong foothold in Hertfordshire, with many major firms headquartered in the area and a large skills base in advanced manufacturing and digital technology. Hertfordshire IQ is already home to sustainable logistics park owners Prologis and several construction industry supply chain businesses.
