20th April 2016
The Corridor Manchester Enterprise Zone located in the heart of the City’s innovation district has been officially launched today by the Leader of Manchester City Council, Sir Richard Leese.
The new Enterprise Zone encompasses both the Central Manchester University Hospitals NHS Foundation Trust (CMFT) site on Oxford Road within the largest clinical academic campus in Europe and Manchester Science Partnership’s (MSP) Central Campus. Together these two sites comprise 10.6 hectares with the potential to create over 7,000 new and high-value jobs.
The new status offers businesses moving in to the two sites a maximum of 100% business rate relief of up to £55,000 per year for up to five years; enhanced capital allowances and an on-site dedicated business support programme.
Speaking at MSP's Citylabs Lounge event Sir Richard Leese said: "The Corridor Manchester location is already a compelling place to locate a business, but the new Enterprise Zone provides significant new incentives to businesses operating in life sciences and related sectors. The expansion of the business base, increased employment and the ultimate reinvestment of the uplift in business rates will ensure a long term growth trajectory to benefit Manchester and its residents."
The Manchester Science Partnerships Central Campus is already home to over 120 businesses from the life sciences and technology sectors. Whilst biomedical and science centre of excellence – Citylabs, is one of the only developments of its kind in the UK offering companies direct access to specialist clinical resources and expertise.
Rowena Burns, Chief Executive of MSP, said: "This is a brilliant day for all of us involved in supporting science in the city region, and the wonderful science businesses who have chosen Corridor Manchester as their home. The Enterprise Zone will give these entrepreneurial businesses access to additional important financial incentives, alongside the services and support which MSP and its partners already provide. The businesses located in the Enterprise Zone will generate additional high value jobs and economic growth, reinforcing our ambition to create an industry base here in Manchester which is of global standing."
Chairman of CMFT, Steve Mycio added: "The award of Enterprise Zone status for our hospital site will enable us to be flexible and creative in how we can secure investment into the site to produce the very best facilities for the care of our patients. It’s very important as we seek to overcome the challenges that both our population and technology pose that we are able to work closely with our industry partners to help us to create solutions to the priority needs of the NHS."We’ll use the Enterprise Zone to attract the very best businesses that will be able to work with our clinicians, nurses, scientists and other professionals to enable us to stay at the forefront of healthcare delivery."
Also speaking at the event Professor Jackie Oldham, Director, Corridor Manchester Health Innovation and MIMIT added: "The announcement of the new Enterprise Zone will have a phenomenal impact in catalysing businesses to join the next exciting phase in the Corridor Manchester mission, to create a world renowned innovation district sitting at the heart of Greater Manchester, bringing together a blend of organisations to address some of the most pressing health issues of our Greater Manchester residents and beyond."
For further information about the Enterprise Zone please click here.