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Following on from the Humber region’s successful freeport bid, a major investment has been announced, Business Live reports. New Holland Dock Wharfingers Ltd has spent £5m on a huge warehouse and open storage space on the South Bank, highlighting the opportunities created by the new freeport status.
A huge 109,700 sq ft warehouse sits at the centre of the site, which covers an area larger than eight Olympic swimming pools. It has three 5m roller shutter doors, and is suitable for a variety of uses. The site has an additional six acres of secure concrete open storage. An existing 60,000 sq ft shed is having an £300,000 refurbishment.
The company have acquired an additional 25 acres, with a view to further development. This may include the addition of an extra berth for vessels up to 5,000 deadweight tonnage. The company currently handles over 500,000 units of break-bulk cargo per year through its port and warehousing facility.
General manager Paul Holland said: “Having recently widened the scope of cargoes that we handle through the port, we have seen a period of sustained growth and the investment in both existing and new infrastructure demonstrates the company’s ambition to both diversify and to expand.”
Holland added: “Freeport status is likely to provide the region with new opportunities and it is our strategy to be well positioned and equipped to take full advantage.”
New Holland specialises in forest products, steel, project cargo, and bagged or palletised goods. It is a trusted supply chain partner for importers and exporters in sectors such as construction, engineering, and manufacturing.
Freeports are areas designated by the UK government which are allowed certain economic and trade benefits. They existed before, between 1984 and 2012, but the legislation allowing them was allowed to lapse. Chancellor Rishi Sunak announced a return of Freeports in the spring budget, inviting ‘ambitious and exciting bids.’
The Humber region was one of eight successful bids from ports across the country. Special economic zones will be set up which are designed to make it easier and cheaper to do business. There will be simplified planning rules, cheaper customs, and lower taxes.
The freeport areas will also benefit from tax breaks which are intended to encourage construction and regeneration, private investment, and job creation. The tax reliefs are expected to last for five years, and include an enhanced 10% rate of structures and buildings allowance for constructing or renovating non-residential structures and buildings.
This means that any investments in freeport areas will be fully relieved after 10 years, compared with 33 years for properties outside the zone, which only achieve a 3% rate. There is also a full relief from stamp duty land tax on the purchase of land or property within freeport tax sites, when purchased and used for commercial purposes.
Furthermore, all new businesses will be eligible for full business rates relief. Businesses are also allowed to import goods tariff-free, and only pay once they are sold into the domestic market, or the final goods scan be exported without paying UK tariffs.
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