Telford Land Deal creates more than 1,700 jobs and generates £300m of investment
Around £300 million worth of investment has been brought to Telford since a deal was made allowing land owned by the Government to be sold by the borough council.
Telford & Wrekin Council signed an agreement with the Homes and Communities Agency six years ago allowing it to manage and invest in sites on its behalf, and to use it to attract investors to the town.
A new report shows since it was signed, £40 million of land has been sold, paving the way for 941 new homes along with the development of 28 new commercial sites and 20 sites for residential use.
It has also enabled the creation of 1,726 new jobs.
Council cabinet chiefs will get an update on the scheme during a meeting next week.
David Wright, Telford & Wrekin Council’s cabinet member for economy, housing, transport and infrastructure, said: “The Telford Land Deal continues to bring huge benefits to the area since the programme was first established six years ago.
“Despite the uncertainties which have arisen from the Covid-19 pandemic over the past 12 months, Telford Land Deal is going go from strength-to-strength and there are many achievements to reflect on.
“It has enabled local companies to expand, supplied much needed commercial and residential land to the Telford market and has attracted nearly £300m of inward and foreign investment since it was formed in 2015.”
In the last financial year alone, sales of four commercial sites were agreed along with the creation of six residential developments which generated a gross sale income of £8.8m.
Telford Land Deal is a partnership between Telford & Wrekin Council, Homes England and the Marches Local Enterprise Partnership.
It was formed in response to significant Homes England land ownership in Telford, static land sales and a shrinking Homes England resource and a reduction in ‘shovel ready’ sites.
The deal has created significant local employment opportunities within the construction sector and has also been the driving force behind the creation of higher skilled jobs and new apprenticeships.
In 2020-21, residential developments started at Newcommon Way, Majestic Way and Pool Hill Road.
The largest deal delivered to date has been the £80m delivered by Magna Cosma which is set to bring over 600 jobs in two phases, with 295 delivered so far.
Up to March 31 this year, the financial successes of the land deal have achieved a cumulative profit share of £8.1m.
Councillor Wright added: “The Telford Land Deal has been instrumental in bringing forward brownfield and underutilised land with a total of 19.4 ha (48 acres) being brought forward for redevelopment to date.
“We continue to make Telford as easy a destination as possible for investors to land.
"The commitment of our partners and the deal’s ability to de-risk sites offers a streamlined approach to acquisition and development.”
