Gap Funding for Employment Space
Gap Funding for Employment Space offers targeted funding to accelerate developments of offices, serviced employment land or industrial schemes in Cornwall that meet key environmental and economic criteria.
FUNDING ONLY AVAILABLE IN CORNWALL
It involves allocating EU funding to employment space projects that will help achieve outputs linked to the objectives and priorities under Cornwall’s Strategic Investment Frameworks. Projects such as serviced employment land, offices and industrial schemes can access funding of between 30% and 50% of building costs, depending on the size of the applicant. Eligible costs include building related plant and equipment, fit out, provision of services, landscaping, and the extra cost of meeting the required environmental standards. Other eligible costs include professional fees, site investigation and preparation, and planning obligations.
Projects are appraised against a range of criteria including regeneration impact, deliverability, sustainability, value for money, brownfield land remediated, level of new or refurbished floorspace, increase in GVA (Gross Value Added), and jobs created and safeguarded.
In effect, the Fund is designed to fill the gap between the build cost and the actual market value, thus making sure the projects are commercially viable.
The scheme is part of the Cornwall and Isles of Scilly Convergence Programme, funded through the European Regional Development Fund (ERDF).
Applications will be considered for endorsement up to 31st March 2013, with all expenditure completed two years thereafter.
At a Glance
Who is eligible?
- Any public or private sector developer may apply for Gap Funding to support projects within Cornwall and the Isles of Scilly.
- Projects should be developments with high environmental design standards: a 2008 BREEAM rating of Excellent is required
- Projects should be focused on knowledge based and / or high value-added uses.
- Warehousing and distribution are ineligible.
- All supported employment space projects must incorporate the two Cross-Cutting themes of Environmental Sustainability and Equal Opportunities and Diversity.