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Cavalry Park, Peebles: evaluation phase 2
Cavalry Park, on the south eastern outskirts of the Borders town of Peebles, was originally acquired by the then Scottish Development Agency to attract single user inward investment. This approach was later altered to enable multi-use of the site and attract a range of investors to the park, thus helping to boost local employment and diversify the economy. Scottish Enterprise (SE) commissioned a second evaluation of the park (following an initial evaluation in 2005) to determine whether it was meeting its objectives, and to present key findings to help inform future decision-making within SE.
Twenty businesses operating from the park were surveyed. Sixteen face-to-face interviews were carried out, two telephone interviews, and one questionnaire was completed by email. Information on one company was obtained via the SE account manager and published information. Five other companies located in the park could not be contacted or refused to participate.
The development of the park represents excellent public value for money. The site fulfills a purpose that no other site in the region can, and has prevented businesses locating elsewhere. The park has made a substantial, positive contribution to the local economy. It has managed to attract some high-tech companies, despite its proximity to Edinburgh. Levels of interaction between the park’s tenants are high, which businesses rated as the most important benefit of their location. Total gross turnover in the park has increased by over fifty per cent and FTE jobs by 42 per cent since the first company located there. In terms of GVA, the park compares very favourably regionally and nationally. Additionality was reckoned to be higher than that estimated by businesses, because of the nature of business opportunities in the region. The companies in the park are thriving and happy with the location, employing mainly local people. The park has met its objectives with regard to providing a stimulating business environment and contributing to rural economic development.
No recommendations were made in this evaluation.
Full report (560 KB, pdf)
|Theme/Sector||Area regeneration, Supporting key sectors, Business infrastructure, Inward investment, Internationalisation|