The Cambridge Compass Enterprise Zone is a dynamic network of sites for businesses to locate and grow.
The Cambridge Compass Enterprise Zone creates a unique opportunity to expand the reach of Cambridge – global innovation centre – to the surrounding market towns, new communities and wider rural areas to boost the local and national economy. It includes sites in Ely, Waterbeach, Cambourne, Haverhill and Northstowe.
Enterprise Zone status brings with it a number of benefits, including a business rate discount of up to 100% for five years for businesses moving into part of the Cambridge Compass Enterprise Zone as of today. It was secured by the Greater Cambridge Greater Peterborough LEP in the Autumn Statement.
The local area will also get retain 100% of the business rate growth within the Cambridge Compass Enterprise Zone for the next 25 years, which will enable further investment in economic growth across the area.
Mark Reeve, Chairman of the Greater Cambridge Greater Peterborough LEP, said:
“Securing Enterprise Zone status for the Cambridge Compass was a real boost for the local economy, and now we can start to attract new businesses to move into these sites. By drawing these sites together under the Cambridge Compass Enterprise Zone, we can provide a unique proposition to local, national and international companies looking for a new place to locate their businesses, drawing out the benefits of Cambridge to the surrounding area.
“We know that there are a number of companies very close to signed deals on sites and premises within the Cambridge Compass Enterprise Zone, and we look forward to making further announcements very soon.”
The sites included within the Cambridge Compass Enterprise Zone are as follows:
- Lancaster Way, Ely – Located north of Cambridge on the A10 growth corridor and main train line to Cambridge and London, Lancaster Way has outline consent to construct up to 125,000 sq m of additional office, R&D, industrial or warehouse and distribution accommodation to suit occupier’s requirements
- Cambourne Business Park – Located to the west of Cambridge, Cambourne Business Park provides a unique opportunity for a new business environment within a growing new settlement where homes and jobs are co-located
- Cambridge Research Park, Waterbeach – Located close to Cambridge, this site offers 9 hectares of serviced employment land
- Haverhill Research Park – Situated to the south east of Cambridge on the A1307, Haverhill Research Park offers 37,000 sq m of commercial space
- Northstowe, Phase 1 – Conveniently located close to Cambridge off the A14 and on the Guided Busway, this development is the first phase of employment land within Northstowe (which will be the largest new town to be built since Milton Keynes