Secretary of state welcomes £6 million funding secured for Aerohub business park development

Aerohub @ Newquay Cornwall Airport secures vital funding to develop its business park infrastructure project.

Vince Cable, Secretary of State for Business, welcomed today’s announcement that Aerohub @ Newquay Cornwall Airport, the UK’s aviation focused Enterprise Zone (EZ), has £6 million of new funding for the first phase of its business park. The development has the potential to create 750 jobs.

The funding includes a £2,312,000 investment from the Homes and Communities Agency (HCA) and a grant from the European Regional Development Fund Convergence programme of £3,934,856, with Cornwall Council providing the land. The construction programme will start in early October and see completion of phase one in June 2015.

The 53.5 acre business park site will form part of the Aerohub EZ and is included in the Local Development Order. It will have space for over 30,000 sq ft of buildings and phase one will ensure the Park is investor ready, delivering site services including road access, electricity, water and broadband. The HCA funding also includes a £150,000 contribution to the ‘Rialton Link’ road, adding to the improvement of local infrastructure.

As part of it long term economic plan the Government set up the 24 zones as a 25-year project to rebalance the economy and create future centres of excellence in key industries such as aviation, pharmaceutical, offshore energy and automotive. Since their start 3 years ago enterprise zones have created more than 9,000 jobs, attracted over 300 businesses and secured £1.2 billion of private sector investment.

Dr Cable welcomed the announcement as he passed through the EZ during his visit to Cornwall and commented:

“Cornwall’s Aerohub is an excellent example of one of the 24 Government-backed Enterprise Zones that are driving private sector-led growth across England. This new funding will help develop valuable infrastructure for the new Business Park to attract increased investment and create more jobs for Newquay and the surrounding area.”

Chris Pomfret, Chairman of the Cornwall & Isles of Scilly Local Enterprise Partnership and Deputy Chair of the Convergence Local Management Committee, commented:

“The business park is a vital component of the Aerohub Enterprise Zone which is already home to six new businesses and has created more than 150 jobs since 2012. Our aim is to unlock further growth of both the aerospace and space sectors in Cornwall to create skilled, well-paid jobs and this investment is an important step towards achieving that.”

Ian Knight, Head of Area for the Homes and Communities Agency, said:

“This is great news for Cornwall. It is an important investment for us because it helps to unlock development on the enterprise zone and act as a spur for further investment and jobs growth. We look forward to working with the local partners and using our skills in investment and regeneration to developing a thriving business park. We believe this project will add significant value to the Cornish economy.”

Julian German, Cornwall Council Portfolio Holder for Economy & Culture, added:

“The Council is delighted that we have secured funding through the EU (ERDF) programme and the HCA to deliver the new Business Park located on the south side of the airport. Once completed, this will attract new businesses employing a highly skilled workforce, demonstrating that we can still attract companies to Cornwall in a very competitive market.”

Aerohub @ Newquay Cornwall Airport has a number of high profile clients within the 280-acre site and has ample development opportunities which include hangars and office buildings, in addition to the business park. The EZ has one of the largest areas covered by a Local Development Order in existence, providing a streamlined planning regime and removing the need for a planning application for certain types of development.