Enhanced Capital Allowance Enterprise Zone Sites
Four sites have Enhanced Capital Allowances, South Bank Wharf, Hartlepool Port Estates, New Energy and Technology Park and Wilton International.
These allowances are available on the larger industrial Enterprise Zone sites and it is anticipated that they will be most suitable for companies looking to make significant investment in plant and machinery, particularly in the renewable energy, chemicals and advanced engineering sectors.
Companies locating on these sites can apply to receive first year capital allowance at 100% on qualifying plant and machinery to a maximum of £100 million to offset against corporation tax when the investment is made before March 2020. Tees Valley is one of only a small number of areas across the country that can offer large-scale occupiers enhanced capital allowances.
South Bank Wharf, Redcar & Cleveland (80.7 hectares) South Bank Wharf is one of the prime freehold opportunities with deep water access in Europe. Perfect for a large offshore investment with quay access, the site already has 10.4m water depth with the ability to dredge. The site is located next to Teesport, the UK’s largest exporting port, has 350m river frontage and is close to the integrated chemical site at Wilton International.
Hartlepool Port Estates, Hartlepool (56.9 hectares) Part of the existing operating port in Hartlepool and ideal for renewable energy or advanced engineering companies. Fully serviced with five quays, a total length of 900m across three berths. The site is already home to major international companies such as Heerema and JDR Cables.
New Energy & Technology Park, Stockton-On-Tees (41.3 hectares) Part of the Seal Sands energy and chemicals hub the site was recently cleared and levelled. It has B2 planning designation permitting land to be developed for potentially high hazard plant and energy generation. US energy company Air Products have chosen this as a site to build two energy from waste facilities.
Wilton International, Redcar & Cleveland (164 hectares) Five development plots are available at Wilton International. The fully serviced chemical complex has existing infrastructure including power, steam and water giving companies the opportunity to ‘plug and play’. The site is also close to Wilton Centre R&D facility and has pipe linkages to the north of the River Tees, which also offers jetties and storage facilities.