A new business park is to open in the Isle of Man and the Manx authorities are promoting it as the first major opportunity for a serious expansion of the finance sector outside the capital Douglas. The project, which will be based on a 15 acre site at the Isle of Man Freeport, has been made possible through a change of status approved by Customs and the Isle of Man government, which allows the land to be used by non-Freeport businesses. The first unit is already under construction.
The creation of the new business park follows several months of
discussions between the government and chairman of the Isle of
Man Freeport John Campbell. The change in status is known as "through-traffic
status", allowing a much wider variety of companies to set
up their operations on land formerly designated only for specifically
nominated freeport business.
Mr Campbell is confident of the development's success. He said: 'This is a significant change and opens up a lot of opportunities for the south of the Island. It means that financial companies, hi-tech firms and those using the new communications technology can now use the Freeport Business Park, whereas previously there were a number of restrictions. Being adjacent to the airport, with an established 24-hour security system, extensive car parking facilities and being fully enclosed, we are confident that there will be a lot of interest in the new business park. It creates the first genuine alternative to setting up a business or establishing a corporate headquarters other than in the Douglas area.'
The Isle of Man Freeport already has 80,000 square feet of accommodation for a number of companies firmly established at the site involved in diamond manufacture, chemical and scientific manufacturing, aerospace development, technology, disaster recovery and computerisation. In addition, the authorities have incentives on offer, namely 40 per cent grants and assistance to manufacturing companies to set up on the site.
Mr Campbell added: 'As can be seen with the variety of the long established businesses which have been with the Freeport for many years, the emphasis is on high quality buildings, constructed to the highest specifications and to a client’s specific requirements. The new Freeport Business Park will maintain and improve on the high standards already achieved and we are sure there will be a very positive response to the new project.'
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