The first phase of an ambitious plan aimed at attracting billions in investment and creating tens of thousands of new jobs across the West Midlands is set to take a step forward. Members of the West Midlands Combined Authority (WMCA) Board are expected to approve the full business case for the £23 million Coventry and Warwick Gigapark when they meet on Friday (January 10).
The 2.5 square metre Gigapark is based at Coventry Airport and consists of four sites – Whitley East, Whitley South, Greenpower Park and SEGRO Park. Anchored by a new battery gigafactory and associated businesses and technologies, the site will get tax incentives, business rates retention and £23m investment for land remediation, infrastructure and connection to power grids.
It is part of the 25-year Investment Zone which is focussed on driving growth in advanced manufacturing, green industries, health-tech and underlying digital technologies and aims to bring in £5.5 billion investment and create more than 30,000 new jobs. It will benefit from tax incentives, direct funding and business rate retention within the zone, which could see up to £1.5bn reinvested into the West Midlands instead of going into Government coffers.
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The Investment Zone will be powered by two other specific sites in the West Midlands. Birmingham Knowledge Quarter – running northeast from the Birmingham City and Aston universities through Duddeston and Nechells to Aston.
The Quarter will offer tax incentives, business rates retention and receive £9m investment for public realm works and active travel infrastructure to help attract investment. And the Wolverhampton Green Innovation Corridor will create new green industries and skills through a partnership between the city council and university with £7m investment for land remediation and key infrastructure.
In September last year,, WMCA approved a Strategic Outline Business Case for the Coventry and Warwick Gigapark and funding of £1.962 million for initial preparatory works on the site, including infrastructure design and planning consents.
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A report to Friday’s Board said: “The project will entail the first phase of development at Greenpower Park, currently the site of Coventry Airport. Greenpower Park is the single largest site within the Coventry and Warwick Gigapark which forms part of West Midlands Investment Zone.
“The regeneration of Greenpower Park will result in it being the fulcrum of the West Midlands and ultimately UK battery manufacturing and linked supply chain activities (including electric vehicle production, and battery recycling, innovation, research and development and associated industries). It will form an integral part of the overall Investment Zone with wider regional supply chain, business and innovation opportunities.
“It will also contribute significantly to enhancing the competitiveness of the UK’s automotive sector internationally, with the Faraday Institution projecting a need for 6 gigafactories (battery manufacturing plants) in the UK by 2030 and 10 by 2040.”