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ERDF IN & THE ISLES OF SCILLY

FILLING THE £83MILLION GAP working with ERDF the Company was able to build a state of the art factory, office and conferencing facilities and invest into new businesses by building During the €458 million European Regional Development Fund Convergence Programme improvements to small units for SME’s to expand into. Some of the most bespoke workspace workspace across the Cornwall & the Isles of Scilly have enabled job creation and business expansion. investments have gone to the Isles of Scilly to encourage the diversification of businesses on the islands which are currently dominated by tourism, Quintdown Business Park (), Stratton farming, fishing and a small number of Business Park (Bude), Treleigh Park at Treleigh microbusinesses. Once the islands are linked to Industrial Estate () and 3 (Truro). superfast broadband they will be able to connect These developments all demonstrate workspace with the world faster than ever before, and to projects are taking place across the region. complement this ERDF invested into three new The drive for C&IoS to be a leader in renewables workspaces across St Mary’s and St Agnes. The first, has given two developments particular focus; The the construction of Porthmellon Enterprise Centre, Cornwall Business Park (CBP) near Scorrier has been has been recently joined by office spaces at the split into two sites; CBP West is centred on an regeneration of Porthcressa and these two Porthmeor Studios, St Ives Enterprise Park with consent for office, developments have enabled St Mary’s based manufacturing, distribution and storage facilities. businesses to expand on their home island. The former mines have received investment during industries sector. CBP East has consent for Waste to Energy and third project currently under construction will see Convergence. The first, Heartlands (Pool), has now The historic artistic importance of Porthmeor waste processing facilities. In , the ERDF the transformation of the St Agnes Island Hall into become a major tourist attraction and green space Studios (St Ives) was revitalised with investment to investment into the Wave Hub test facility has now a workspace development to enable businesses to for local people. To facilitate business growth ERDF redevelop the workspaces across the studios and been joined with investment into the Marine work from St Agnes rather than commuting to assisted the business side of the site to invest into school. The collaborative atmosphere continues at Renewables Business Park (MRBP) which aims to St Mary’s. the workspaces for local creative businesses to Krowji, a former grammar school in Redruth. attract renewable businesses to its workspaces. Sometimes it isn’t always practical to build new, develop in a collaborative atmosphere. The second A creative building of workspaces will be joined by In some areas of C&IoS the end market value of or a building may have a historic connection which heritage project will see King Edward Mine; secure an ERDF investment into two new buildings which a building isn’t worth the cost to build it. This failure is important to preserve. ERDF has also focused on its economic future thanks to investment into the will create further creative use units. Jubilee Wheal Jane Earth Science Park, Truro in market value has been aided by ERDF being able refurbishment and regeneration to enable areas refurbishment of two Grade II Listed Buildings to Warehouse (Penryn) builds on the success of Jubilee to fill the gap between cost and value to enable across Cornwall to become hubs of renewal. Two create high quality workspace for the creative Wharf by refurbishing an old warehouse into units In response to demand from business for access to willingness to invest in large scale developments businesses to create jobs or safeguard existing jobs. for the creative industry built around a collaborative high quality workspace the ERDF Convergence despite the risks during a recession. One of the Printing Company and Western Power hub. The Wheal Jane Earth Science Park (Truro) has Programme made these types of investments successes of this partnership has been the number Distribution were two companies that were looking seen two former mining 1960/70s buildings a priority. Often the award winning Innovation and diversity of the developments, all of which have to expand. By securing ERDF match funding they completely refurbished and extended to allow two Centres located at Pool, Penryn and Truro are held been completed to schedule and are either full or have both moved into bespoke premises without large earth science businesses the opportunity to up as examples of ERDF invested business actively welcoming new tenants to their sites. Two the need to leave the region. expand on the former mining site. incubation space in C&IoS. The trio have recently opened developments include the Victoria Western Power Distribution (WPD), the electricity In total, the developments mentioned within this demonstrated the potential for business growth in Commercial Centre and the Redruth Gateway business serving the South West, occupies the article amount to approx. £83million of investment C&IoS wasn’t constrained despite a world-wide Business Centre, both of which offer high quality redeveloped entranceway to Pool from the A30. from the ERDF Convergence Programme. Most economic downturn. However, the Innovation office space and conferencing facilities at Roche With the expansion of the road WPD rebuilt their importantly this has been match funded with Centres weren’t suitable for all businesses, so the and Redruth respectively. site by repositioning their storage yard behind the approx. £67 million from both private and public ERDF Programme had to be smart to ensure new office building which enabled the investment for a total investment of £150 million investment met businesses demand. To fulfil this “ERDF has also focused on development to redefine the approach to Pool by during the life of Convergence. These investments remit workspace investments were split into three refurbishment and regeneration complementing the adjacent Cornwall College have helped businesses secure the workspace distinct areas, speculative, bespoke and to enable areas across Cornwall buildings. Together the new buildings showcase necessary to grow and expand despite the financial refurbishment. to become hubs of renewal” the assets that business and education offer in this crisis in 2008. It is anticipated that further One of the driving forces behind the speculative revitalised area. St Austell Printing Company had workspace investment will be made in the new developments during the Programme has been the New developments soon to be opening their outgrown its site within St Austell town but wanted European Funding round to continue to support engagement of the private sector and their doors to businesses in new locations include the to stay close to its roots and employees’ homes. By Treleigh Park, Redruth business demand.

FOR FURTHER DETAILS CONTACT:

www.erdfconvergence.org.uk