£2.2m plan for Egmere enterprise zone outlined

The Holkham estate is one of the landowners of the site of the proposed Egmere business zone
The Holkham estate is one of the landowners of the site of the proposed Egmere business zone
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More than £2 million could be spent on the development of a new enterprise zone near Fakenham if new proposals are given the go-ahead.

District council chiefs are seeking the inclusion of the site at Egmere within the New Anglia Local Enterprise Partnership’s Space to Innovate enterprise zone, which already includes Lynn’s Nar Ouse Regeneration Area.

And plans to invest a further £450,000 in the area will be considered next week.

A site has been identified on land owned by the Holkham and Walsingham estates, close to the B1105.

A report to the North Norfolk District Council cabinet, which will look at the scheme when it meets on Monday, said the additional cash would take the total investment in the scheme to £2.2 million.

The document continued: “Discussions with three genuinely interested tenants and site occupants have been positive and the impacts of the promotion of the zone are already being felt.”

Officials also said the council would retain around 65 per cent of the business rates generated by the development, compared to 40 per cent under the current formula.

The report added: “Even without the investment incentives offered to businesses, which will ultimately stimulate economic growth where it would not have done before, the council will be in a stronger financial position.”