An LRIE Project Refresh report, setting out the next stages for delivering regeneration on the London Road Industrial Estate (LRIE) on the outskirts of Newbury Town Centre, has been approved by Executive at a meeting on 9 June 2022.
The report, which supersedes a development brief approved by Executive in November 2020, outlines a fresh approach for the site which focuses on job creation, attracting investment to Newbury and achieving carbon neutrality. LRIE, which is currently home to around 36 businesses and 300 jobs, is set to welcome additional employers and investment as well as at least 200 new jobs.
The approach was developed following a review of the project which took into account the post-pandemic economy, market demand and the district's ambition to be carbon neutral by 2030. This marks a move away from the previous mixed-use approach and instead will unlock the site's potential as a sustainable, high quality employment site and business destination.
Under the delivery strategy, it is expected that site-wide improvement works will commence and a planning application will be submitted for the former depot site within the next 12 months. Environmental improvements, flood prevention works and negotiations with leaseholders to provide the certainty needed to stimulate private sector investment will get underway.
In the long term, the former depot and playing field will be redeveloped for employment use, with at least £250,000 of private sector investment being brought forward by the estate's existing businesses, seeing an increase in Council income from rent and rates, which will in turn be invested in vital public services to benefit residents.
Find out more on our council website.