The investment project is jointly attended by key partners including South Norfolk Council (SNC), Norfolk County Council (NCC), Vengrove Real Estate Management, and Anglia Innovation Partnership LLP (AIP), which manages the NRP. SNC has invested in essential infrastructure, such as Ella May Barnes Building, to unlock growth potential in the South Norfolk region. The development of GB1 is addressing capacity constraints and fostering innovation and economic growth, while generating additional revenue for the local economy and creating 480 new jobs. South Norfolk Council leader Daniel Elmer noted the challenges of funding growth companies abroad, highlighting GB1’s role in supporting local investment and job creation.
The GB1 development is expected to attract £27 million in private sector investment, driving further economic growth in the East of Norfolk. It is projected to generate £17 million annually for the local economy and create 480 new jobs, enhancing Norfolk’s standing in sectors with significant growth potential. Norfolk County Council chairperson, Fabian Eagle, emphasizes the GB1 development as an attracting partner, positioning Norfolk as a leading hub for research and innovation.
Vengrove Real Estate Management, appointed through a competitive process, is responsible for developing GB1. They possess extensive experience in commercial real estate, overseeing construction, property management, and cost oversight. Under their leadership, the project will maintain sustainability standards, aligning with the NRP’s green growth objectives. Compliance with BREEAM Excellent standards ensures Baudi Tree Park, Norfolk’s registered green site, will benefit from superior environmental performance.
The funding recovery mechanism involves local business rates, with part of the ROI retained for local use under a government agreement. This ensures South Norfolk Council and NCC will fully recoup their capital investment and accrued interest. Vengrove’s extensive experience and focus on sustainability make GB1 a strategic and infrastructure innovation.
The initial phase of GB1’s delivery is anticipated in the 2024-2025 financial year, with completion expected in 2026. The South Norfolk Council group will exit into the NBSP program, while NCC member Copenhagen Office will opt for NF THANSE 2022. GB1’s development, delivered with BREEAM Excellent standards, aligns with the NRP’s ambitious goals, supporting further innovation and economic growth in the region.
