Doncaster Enterprise Park will consist of 79 high-quality Grade A starter units or industrial pods designed to accommodate start-up and investment companies.
It is hoped the scheme will be completed in May 2021 and once finished, the 90,050sq ft site will be able to accommodate 344 people.
It comes after plans emerged for the South Yorkshire town to host one of the country’s 10 low-tax ‘freeports’ after the UK leaves the European Union.
Investment and property development firm Accumulate Capital says its scheme, which has a gross development value of £12m, will “provide a real boost to the local economy”.
The firm will be financing and constructing the new commercial development and expects the construction phase to create over 200 new job opportunities.
The project has been backed by Labour-run Doncaster council, with members of the authority’s cabinet including the Mayor of Doncaster, Ros Jones, due to host an investors’ tour of the site once travel and social distancing restrictions are lifted.
Doncaster Council’s portfolio holder for business, skills and economic development, Coun Bill Mordue, said: “Doncaster Council is delighted to be backing the construction of Doncaster Enterprise Park. It also comes at an important time for the town – our local economy is growing, which is why projects like this are in high demand.
“Doncaster is fast becoming a major enterprise, logistics and innovation hub and we are proud to be supporting Accumulate Capital’s development as part of the region’s regeneration.”
The Head of Commercial Projects at Accumulate Capital, Richard Craker, added: “It is more important than ever that we support SMEs across the north of England, who are too often overlooked by government and investors.
“Doncaster Enterprise Park reflects Accumulate Capital’s commitment to supporting the regional regeneration of Britain.
“This development ensures local businesses are able to access modern facilities built to the highest standard – it will provide a real boost to the local economy.”
The Yorkshire Post reported this week that the Sheffield City Region Combined Authority is working with Doncaster Sheffield Airport on a bid for freeport status that may also include the town’s two rail freight terminals, iPort and Doncaster Rail Hub.
Freeports, designated as areas with little to no tax in order to encourage economic activity, are a key part of the Government’s post-Brexit plans and are backed by Chancellor Rishi Sunak.