North East Lincolnshire Council has launched a £10 million grant programme to help property developers create new industrial units on existing Enterprise zone sites across North East Lincolnshire.
The aim of the South Humber Industrial Investment Programme speculative unit grant programme is to bridge the gap that stops speculative investment in commercial buildings, in particular, industrial units, where the realistic achievable rental value doesn’t balance out the level of investment required to build them.
The grant programme was approved at the Council’s Cabinet meeting in May 2024, pending the release of money from government to the Humber Freeport.
The key objectives of Freeports are to stimulate economic activity by establishing hubs for global trade and investment, promote regeneration and job creation, and innovation.
Confirmation has recently been given that the seed capital funding, as part of the Freeport project is being released by government in the coming weeks, which has allowed this grant scheme to be activated.
The SHIIP speculative unit grant will deliver additional industrial floorspace to provide clustering and supply chain opportunities around the ports of Immingham and Grimsby.
Priority will be given in the first instance to developments proposed on existing Enterprise zone sites in Stallingborough, Grimsby and Immingham.
Cllr Philip Jackson, leader of the Council said: “We know that this is an issue – we have the land to develop on, and we have enquiries coming in all the time to our Investment Team, but we don’t have the empty units available to put forward for consideration. This scheme will help address this, and in the long term, provide more jobs for local people.”
The scheme is open until noon on 13 November, and applications are invited from experienced commercial property developers who own, or have access to via lease or purchase, an Enterprise Zone within North East Lincolnshire. Applications will also be considered on non-Enterprise zones sites if funding allows.
Proposed development must be for the provision of quality industrial/manufacturing space which will then be leased to support local business growth, inward investment, innovation, and job creation. Applicants cannot access funding to construct buildings for their own use.
