New industrial units in £3million plan for Langage
NEW industrial units are to be built at Langage energy park over the next 18 months.
Plymouth City Council is to invest about £3million on creating new business opportunities.
“We are looking at direct development by the council as private sector development has dried up because commercial bank lending is so restricted,” Cllr Mark Lowry, the Cabinet member for finance, said.
“We will look to invest in new employment units by borrowing at historically low interest rates and using sites we already own.
“A scheme for mixed-size industrial units is currently under discussion at Langage, where we own the land.
“By creating the right size units we may well attract larger and high-calibre employers who are interested in setting up on a scale of 300 to 500 employees.
“We can work with the investors to ensure that what we build is what they want.
“That will attract new businesses to the city.
“Many businesses outgrow their industrial units and need bigger and more modern space.”
“We will pay for the work by borrowing against future rent. It is financially viable because we own the land and the infrastructure is already there.”
Cllr Lowry said that he hoped the investment would also help to push up Plymouth wages, which are below average.
“We know that a lot of people, as they reach their mid-30s, leave the city to find better-paid employment elsewhere. We want to make better use of people’s academic qualifications and experience.”
The Langage development is part of a strategic property review in the city.
Cllr Lowry said the council was looking at all the land and buildings it owns to see how they could be put to better use.
He added: “We will shortly be bringing forward proposals to start finding a development partner to create 8,000 new jobs and 3,000 new homes in Derriford.”