Jaynic the developer of the Haverhill Research Park in Haverhill, Suffolk, has awarded a construction contract with a value of just under £5m to Parkway Construction to build its Epicentre scheme.
Finance for the innovation centre has been provided jointly through a £3.5m loan by West Suffolk Council and £2.7m of Local Growth Fund investment from the Cambridgeshire and Peterborough Combined Authority.
The funding has unlocked development on the enterprise zone of the 30,000 sq ft four-storey building that was given planning consent in May this year and Parkway will start construction at the end of this month.
Jaynic’s Managing Director, Nic Rumsey, said:
“We welcome Parkway on board to deliver the Epicentre that will fulfil our long-held ambition for a business centre at Haverhill’s gateway. We reiterate our appreciation of the financial assistance from the Combined Authority’s Business Board and West Suffolk Council without which it wouldn’t have been possible.”
The Epicentre building on the gateway site is directly adjacent to the ‘Spirit of Enterprise’ roundabout at the entrance to Haverhill and will hopefully help to attract further commercial investment and to support the creation of jobs for the area.
West Suffolk is part of the nationally important Cambridge Sub-Region and as such a driver of the UK economy. Haverhill is an important town for West Suffolk with plans for nearly 4,000 new houses and it continues to make a significant contribution to the wider Cambridgeshire economy. Haverhill Research Park is one of five sites within the Cambridge Compass Enterprise Zone.
Encouraging well managed housing growth with local jobs, supporting innovation and inspiring and supporting start-ups is an integral to good growth and the aims of both West Suffolk Council and the Cambridgeshire & Peterborough Combined Authority.
One of the reasons the new West Suffolk Council was created was to work better with regional and national partners on projects and funding while being small enough to work on tailored initiatives with the local communities.
Mayor James Palmer, Leader of the Cambridgeshire and Peterborough Combined Authority said: “Haverhill is a growing town full of opportunities and potential. This is something recognised by the Cambridgeshire and Peterborough Combined Authority Business Board who see this as an important initiative for not only Haverhill but the wider area and economy.”
West Suffolk Council Leader, Councillor John Griffiths, said: “We are delighted that the EpiCentre is now moving forward to further enable us to grow new and existing local businesses here. Building on our strengths such as advanced manufacturing this will bring new skills to benefit not only Haverhill, West Suffolk and the Cambridge Sub-Region but also the national economy. I would like to thank our partners in the public and private sector who have worked so hard with us to bring millions of pounds of investment to Haverhill, an economic boost for our residents and businesses, and income to support council services. By investing, unlocking outside funding or providing loans we are bringing business, jobs and supporting infrastructure to assist our growing economy across the whole of West Suffolk. It is another great step forward for Haverhill,” added Cllr Griffiths.