Ambitious City Deal Boost for Industrial Estate Regeneration in Fife

Fife Council’s Policy and Coordination Committee has approved a proposal to finalise and submit a business case for approximately £45 million to invest in an ambitious Industrial Estates Regeneration Programme across mid and south Fife.

The funding is part of the Edinburgh and South East of Scotland City Region Deal. Fife Council is working with the UK and Scottish Governments, along with the other participating Local Authorities across the region, to develop a final City Region Deal and implementation plan for all programmes receiving funding. This includes the Fife Industrial Estates Regeneration Programme.

The investment programme will provide a major economic boost and enable more intensive joint working between the region’s universities and Fife businesses to drive productivity and deliver higher value jobs.

The ambition is to develop ‘factories of the future’ by constructing new industrial and commercial stock, along with private sector partners. This is to ensure that Fife’s technology parks and industrial estates have cutting-edge digital capability and are energy compliant.

The Fife Industrial Estates Regeneration will:

  • Help sustain the region’s reputation as a world-leading, data-driven innovation hub and deliver inclusive growth in Fife
  • Encourage more businesses to locate to Fife and offer quality employment opportunities
  • Contribute to a regional step-change in economic performance.

Investment will be spread over 10 years, and is designed deliver:

  • The construction of new industrial and office units, site servicing and road and utility infrastructure
  • An estimated 130,000 ft² of new offices, industrial space and new storage/distribution facilities, and around 100 acres of employment land will become marketable, and available for development.

Cllr David Ross, Fife Council Co-Leader, said: “A major challenge facing Fife, and the wider Scottish commercial property market, is the need to replace the stock of aging industrial property with much-needed modern business premises to encourage businesses investment. The regeneration of industrial estates will enable a new approach to working with businesses in Fife to deliver a stronger, more innovative and resilient business community with more private sector businesses and jobs.

“Thanks to the City Region Deal, money is set to be pumped into projects to boost the region’s economy. The Deal is working to increase local job opportunities through a highly targeted investment programme and new infrastructure to improve connections to employment opportunities.”

The ESES City Region Deal’s twin focus on innovation and inclusion is set to deliver economic growth across all partners and boost Fife’s economy.

Cllr David Alexander, Fife Council Co-Leader, added: “With a real need to create more skilled jobs, boost businesses and develop more highly skilled workers, this City Region Deal is driving inclusive growth to boost the innovation and performance of Fife’s businesses.

“The Edinburgh and South East of Scotland City Region Deal will create new economic opportunities and provide over 21,000 new jobs. The region’s new skills programme, alongside improved transport and housing provision, will ensure that businesses and communities across the region will benefit and will be given the chance to take advantage of new opportunities.”

The City Region Deal will also act as a catalyst to work with private sector partners on key investments in such premises for the future.