Major Developer Deal Imminent for Plymouth Freeport Site
An internationally renowned developer is on the verge of signing a significant agreement with a landowner to advance the development of a freeport location on the outskirts of Plymouth. This move aims to position the site as a premium employment hub in the south west, leveraging the city's growing defence sector.
Defence-Led Growth Attracts Investment
Plymouth City Council's cabinet members were informed that the developer seeks to establish a presence in the south west beyond Bristol, drawn by the burgeoning defence demand in the Plymouth area. Ian Cooper, operational leader of the Plymouth and South Devon Freeport, stated that a deal is imminent at Langage Energy Park, which could attract further international firms to Britain's Ocean City.
Over the past year, the freeport has been working to broker a joint development venture between the landowner of Langage Energy Park and the international development company. Cooper emphasised that the agreement is "very near to signature" and will involve rebranding the park to market it as the premier employment site in the region.
Unprecedented Development Opportunities
The developer plans to offer substantial size developments, ranging from 20,000 square feet up to nearly 400,000 square feet, a scale unheard of anywhere else this side of Bristol. Cooper highlighted, "Plymouth is the place to invest with defence-led growth, and we are banging the drum to land further investment." This initiative aims to bring more companies like Helsing, a European defence tech firm specialising in AI, which opened its first resilience factory at Langage last year.
The goal is to attract additional key defence firms, both indigenous and foreign direct investment, to broaden an already exciting ecosystem and expand it into an international landscape. Langage Energy Park is owned and managed by Carlton Power, which has developed the adjacent gas-fired power station and solar farm.
Freeport Benefits and Council Initiatives
Plymouth was one of eight freeports designated across the country in 2022, offering tax and customs benefits and incentives to businesses. With this designation came £25 million of seed funding from the government, resulting in over £70 million of investment. Plymouth City Council, along with South Hams District Council, is driving freeport development.
Recent projects include the completion of Beaumont Way units, known as Langage South, funded by the council to create jobs in the marine, defence, and energy sectors. One unit has already been let, with numerous enquiries for the three remaining units. Additionally, the council is delivering the final phase of its Oceansgate development as part of the freeport, providing 14,500 square feet of near waterside manufacturing and office space, with hopes to secure advanced lets on all eight units over the next 12 to 18 months.
Strategic Investments and Future Prospects
Plymouth has secured a £4.4 billion investment in defence from the government over the next ten years and was announced last year as the national centre of excellence for marine autonomy. This strategic positioning, combined with the imminent developer deal, underscores the city's role as a key player in defence-led economic growth, promising enhanced job opportunities and international business attraction in the coming years.
