17 August 2012
ExCeL London welcomes the Government and Mayor of London's decision to award the historic Royal Docks in east London enterprise zone status.
Also home to the venue since opening in 2000, ExCeL believes this proposed continued regeneration of the capital's east side will help ensure the area grows further as a destination of choice for event organisers.
Announced as part of last week's budget, the 125-hectare Docklands site will be one of the country's largest enterprise zones. Thousands of jobs are expected to be created by this status which will provide a significant boost to the Mayor's plans to transform the Royal Docks into a brand new district to live, work and invest in.
Businesses moving to the area will benefit from reduced business rates for five years, while all income from new rate-paying businesses will stay within the managing 'Local Enterprise Partnership' (LEPs) for the next 25 years. This will create an ongoing economic development fund which can be re-invested in promoting economic growth elsewhere in the capital or set against borrowings for investment.
Mayor of London Boris Johnson said: "This new status is the icing on the cake for my vision to return the Royals to their former glory as a thriving, vibrant place to live, work and visit. Already home to the colossal ExCeL Exhibition Centre and the new International Convention Centre, investors are beating a path to the door of golden opportunities arising in this emerging district. Now with the financial and regulatory breaks granted as an Enterprise Zone there will be even greater incentives for new businesses to set up shop and create a thriving new centre of enterprise in this important corner of the capital."
Commenting on the announcement, Kevin Murphy, CEO at ExCeL London said: "This is fantastic news for the area. Regeneration initiatives like the building of ExCeL, the Olympics win and the more recent Siemens Pavilion and London Tech City East have long been taking place in the eastside and the enterprise zone status will further boost our local and London's economy. This is a long-term investment project and it will further help cement the east side's appeal to businesses, families and professional event organisers alike as it builds on the area's existing facilities and Olympics legacy."