CBRE Belfast welcomes consideration for Enterprise Zones in Northern Ireland
Belfast, 10 April 2013 – CBRE Belfast welcome the recent news that Enterprise Zones are being considered for Northern Ireland and the discussions today between Theresa Villiers, N. I. Secretary of State, and Westminster.
The second generation Enterprise Zones in England and Wales and their equivalent Enterprise Areas in Scotland have been a significant boost in efforts to bring about focussed economic development.
These second generation Zones differ substantially from their first generation counterparts.
First generation EZ's offered a package of benefits which included (a) simplified planning (b) 100% first year tax allowances for commercial buildings and (c) uncapped relief from business rates for up to ten years.
The new EZ's in the remainder of the UK all offer a slightly different offer including one or more of the same (a) simplified planning (which in itself can assist to accelerate development),(b) rates relief limited to around £275,000 over five years and in certain Zones/Areas (b) 100% first year tax allowances for new plant and machinery.
What is clear from the mainland experience is that second generation Enterprise Zones have a much greater focus on companies occupying buildings - and by virtue of that creating employment - rather than property development.
Each of the new Zones designated over the last eighteen months in the UK has had a strong sectoral focus - renewable energy, life sciences, digital media and automotive engineering as examples - and we can see a similar approach being adopted in Northern Ireland.
We would comment that at least the potential creation of Enterprize Zones means some sort of Plan B from Stormont after the very disappointing progress on Corporation Tax reduction.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 110 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni