Investors looking to benefit from the tax incentives offered by freeports will be able to take advantage in the Forth Estuary from today as Scottish and UK governments officially gave approval for the Forth Green Freeport.
The freeport status is expected to attract new businesses and jobs into the area, due to the financial incentives on offer.
Focusing on the key target sectors of offshore wind, hydrogen, sustainable fuels, modular manufacturing and logistics, Forth Green Freeport will support the re-industrialisation of central Scotland and large-scale economic regeneration over the next decade.
Forecasts indicate there is the potential to attract £7bn of private and public investment over the next decade, delivering a GVA of £8.4bn.
Scarborough Group International and Muir Group hope their Queensferry One development, which sits within the freeport, will be one of projects to attract investment and occupiers.
Since acquiring the site in the late 1990s, the joint venture has transformed the former naval dockyard into an oven-ready development site. Comprehensive remediation works were completed in early 2023, laying the groundwork for the creation of up to 1.2m sq ft of employment space across 120 acres of land.
With the designation of special tax site status under the Forth Green Freeport, the jv said the site is now positioned to attract a range of businesses, particularly those in the renewable energy and advanced manufacturing sectors.
Scarborough chief executive Simon McCabe said: “Scotland’s push towards a net-zero future is accelerating and, with significant renewable energy projects slated for development, the demand for high-quality, strategically located industrial and logistics space is at an all-time high.
“Queensferry One offers unparalleled opportunities for businesses to establish a presence within the Forth Green Freeport, providing flexible accommodation options tailored to their operational needs.”
He added: “Our focus is on providing a platform where businesses can thrive in a supportive and innovative environment. The combination of Queensferry One’s rich history, strategic location and freeport benefits creates a compelling case for companies seeking to relocate or expand their operations in Scotland.”
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