Date Published: 25 July 2016
The Council is investing in the development of Oakham Enterprise Park (OEP) by constructing two large new industrial units that will generate additional income and support business growth.
OEP was purchased from the Ministry of Justice in 2012 and has since been converted into a thriving hub for small and medium-sized businesses. The site is now operating at close to full capacity with 99% of available business units occupied and further investment is needed in order to accommodate new tenants. “OEP is a real success story and makes a significant contribution to Rutland’s local economy. Having purchased the site for £1.4m in 2012 and invested money in the facilities there, OEP is now valued at around at around £6.25m and is home to a wide range of businesses that could not otherwise base themselves in the County. The Council regularly receives enquiries from businesses seeking commercial accommodation, while our own research shows there is a big need for light industrial units and basic workshops in Rutland. With a waiting list for some units at OEP and firm interest from several companies seeking premises in excess of 10,000sqft, the time is right to undertake a strategic expansion of the site.”
Councillor Terry King, Council Leader
The Council has agreed to release £500k capital funding to support the next expansion phase at OEP. Funding will initially be used to construct two new industrial and storage units, each with an internal floor space of 10,000sqft. The units will be built on brownfield land at the centre of OEP.
To date, around 150 jobs are understood to have been created or safeguarded as a result of OEP, with 104 of the site’s 105 business units currently let. Since 2014 the Enterprise Park has also generated significant new income for the Council, including around £100k per year in business rates.
“There is clear evidence to support further development of OEP. Several tenants have said they will need space to grow in the next 12 months and we must be able to respond quickly and efficiently to meet the needs of businesses seeking to expand, as well as those who want to move our area. OEP is a long-term project generating a healthy revenue stream from rental incomes, business rates and other initiatives. By investing in the site this way we can ensure that it continues to be an asset to businesses, the local economy and Rutland as a whole.”
Councillor Terry King
You can view the full Cabinet report that relates to this decision on our Meetings Page.