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Million Pound Investment In Whitby Business Park

Million Pound Investment In Whitby Business Park

Published by Local Democracy Reporter Carl Gavaghan at 11:38am 10th March 2020.

More than £1 million is to be invested in seven new starter units at Whitby Business Park by Scarborough Council.

The authority’s cabinet today agreed to set a budget of £1,254,000 for the 13,000 sq ft development at the Discovery Way site, subject to planning approval.

The money will come from the council’s investment fund and all of the units have already been pre-let to businesses.

Scarborough Council director Richard Bradley told today’s cabinet meeting that it would generate an annual income for the council of £104,000 in rent, which would rise further when business rates were factored in.

He said it was an “exciting investment” in the business park on land that had been underdeveloped over a number of years.

He added:

“The fact each unit is subject to pre-let suggests there is quite strong latent demand for these facilities in this area.

In addition to driving economic growth in Whitby by providing these much-needed facilities, it will help support and create employment opportunities for small and micro businesses.”

The lettings for the units are for five and 10 year terms with open market rent reviews at the end of the fifth year.

For confidentiality reasons the names of the seven businesses cannot be revealed, though the sectors they operate in have been.

There will be two retail businesses, a conservation authority, a public transport operator, a music warehouse, a sporting goods warehouse and distribution centre and a property management firm.

 

 

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