Humber Freeport has received significant Government funding to progress the development of its three tax sites and broaden its support for investors.
The £1.3m of funding, allocated through the Government’s Site Accelerator Grant (SAG), is designed to help freeports advance projects which unlock prime development land and help to secure major inward investment.
Humber Freeport has received the largest proportion of funding of any of the UK’s 12 freeports, highlighting the region’s powerful investment proposition and distinct advantages through connectivity and infrastructure.
The funding will be distributed across all three of the Humber Freeport tax sites – in Hull, Goole and Immingham – and covers a broad scope of projects.
Those include the second, advanced stage of a study with East Riding of Yorkshire Council to ensure grid connectivity to the Goole tax site, and support for operator Able UK to deliver a Final Business Case for its offshore wind and renewables hub in Immingham.
Humber Freeport CEO Simon Green said: “This funding is recognition of the strong progress already made in the Humber to attract major investments at our tax sites, and contribute significantly to regional economic growth.
A CGI of FREEPORT36, an industrial and business park being delivered by developer HBD and landowner St John’s College Cambridge at the Humber Freeport Goole tax site. Credit: HBD
“We have already seen well over £1.5bn pledged to developments across the three tax sites, but there is still much work to be done to provide developers and investors with the support and conditions to maximise their potential.
“We have entered a pivotal phase at Humber Freeport and our focus is now firmly on seeing these investments progress and be delivered.”
A portion of the SAG funding will support the development of a revised economic masterplan for the Hull East tax site – which comprises Saltend Chemicals Park, Yorkshire Energy Park, the Humber International Enterprise Park and part of the eastern side of the Port of Hull.
The masterplan will identify opportunities for investments in target sectors across the tax site, with a focus on supporting end users to progress with developments.
Funding will also support the design and procurement stage for a transport and highways infrastructure upgrade around Hull East, improving connectivity to sites.
At both the Goole and Hull East tax sites, funding will accelerate the second stage of a study with East Riding of Yorkshire Council to identify opportunities for Biodiversity Net Gain for investors. It will ensure investors can maximise land within the tax sites, while contributing meaningfully to habitat creation and environmental wellbeing.
Pictured is Simon Green, Humber Freeport’s CEO, who has welcomed the £1.3m of Government funding. Credit: Hull News & Pictures
In Goole, a study with East Riding Council is also ongoing to ensure grid connectivity for occupiers at the tax site, removing a major barrier which can delay investment and development.
Developer and operator Able UK has received a proportion of the funding to support the development of a Final Business Case, as it progresses with plans to create a major offshore wind and renewables hub in Immingham. The development will include deep-water quay space and onshore manufacturing facilities aimed primarily at the offshore wind industry.
Secretary of State for Housing, Communities and Local Government, Steve Reed, said: “From offshore wind manufacturing on the Humber to new clean energy facilities in Pembrokeshire, this backing for our Freeports will generate real economic growth across the country.
“By tackling the barriers that developers face early on, we’re helping to unlock significant private investment and create thousands of good jobs in clean energy and advanced manufacturing.”
In total, £3.3m of SAG funding has been awarded to eight UK freeports, spanning 16 projects.
The announcement reflects the Government’s determination to keep projects moving forward, clearing the barriers to economic growth and ensuring that freeports remain at the heart of the UK’s growth agenda.
It comes ahead of the Government’s separate Strategic Sites Accelerator funding announcement, due in the coming months. The £600m fund was included in the Government’s 10-year Industrial Strategy and will provide substantial funding support to unlock key sites within freeports and investment zones.
