Property
Our three tax sites at South Yard, Langage and Sherford will provide pre built and bespoke industrial units ranging in size from small start-up units to 15,000 m2 advanced manufacturing and logistics sites. Each site has been identified as an important regeneration and development opportunity and will benefit from land remediation, core infrastructure and supporting transport works.
Eligible businesses taking up space on our Freeport tax sites will benefit from:
- 100% relief from business rates – for 5 years on newly occupied business premises, and certain existing businesses where they expand
- Relief from Stamp Duty Land Tax (SDLT) on the total purchase price if at least 90% of the purchase price is for qualifying land or buildings until September 2031
- A zero rate of secondary Class 1 National Insurance contributions on the earnings of all new employees, who spend 60% or more of their working time in the tax site up to £25,000 per year, for 36 months per employee
- Enhanced structures and buildings allowances on newly constructed or renovated structures and buildings for non-residential use at a higher rate of 10%
- 100% enhanced capital allowance for qualifying plant or machinery
- Planning – all our Freeport tax and customs sites are designated as strategic development sites for employment purposes to expedite planning decisions.
88.3 hectares of land developed *
Up to £250m leveraged through private sector investment *
South Yard
Forming the centrepiece of the Freeport’s innovation hotbed.
The site is located near the Port, adjacent to the existing Oceansgate Enterprise Zone and is mainly ‘behind the wire’ on the HM naval base.
Langage
Langage will provide a variety of industrial units focused on advanced manufacturing and logistics, including a customs zone.
Part of the site (Langage Energy Park) can contribute toward occupiers’ Carbon Net Zero targets with a private wires connection to Langage Solar Park backed up by battery energy storage and a mains connection, and the proposed development of a green hydrogen electrolyser will provide off-taking opportunities as an alternative to carbon-emitting gas.
Sherford
Sherford will be developed for logistics purposes providing warehousing, storage and engineering space.
Located on the opposite side of the A38 Expressway to Langage it forms part of the employment allocation of Sherford, an award-winning new community which blends residential, commercial, leisure and abundant green space together to create one of the region’s most vibrant new towns.
How will my business benefit from operating in the Freeport?
A small manufacturing and logistics business setting up a new operation that will hire 20 new employees, purchase land and invest in a suitable building recording pre-tax profits of £100,000 per year, could save:
- Stamp Duty Land Tax relief – for a £700k freehold the business would save £24,500 on SDLT for this purchase
- Enhanced Structures and Buildings Allowance – for a £100k expenditure a business would be able to offset £10k per year for 10 years against its taxable profits
- Enhanced Capital Allowances – for a £35k expenditure a business would be able to offset the entire cost against its taxable profits, in that year, saving it £6,650
- Business rates relief – if the usual business rates bill for the newly acquired property were £20k per year, the business would save £20k this year
- Employer National Insurance Contributions relief – if a business hired 20 people on £25k salaries, it would save c.£45k per year.
We already have a significant pipeline of businesses interested in investing in our Freeport but if you share our vision and you want to be part of a super cluster of innovative advanced manufacturing businesses operating in the marine, defence or space sectors we want to hear from you.
For more information about our gateway criteria and the support we can offer you to from the point of initial enquiry right up to the moment you open your new premises on one of our tax sites please contact the Plymouth and South Devon Freeport team via info@pasdfreeport.com
As part of the Full Business Case process, we were required to model and master-plan likely scenarios for each tax and customs site included within the submission, making assumptions about how they could be brought forward. The information provided here is based on these scenarios.
Combined our three sites create 88.3 hectares of land primed for innovation, investment and infrastructure across our region.
* expected outcome of the Plymouth and South Devon Freeport