Stowmarket’s high street could see millions in investment in ‘exciting initiative’

A Suffolk town centre could see millions of pounds in investment as part of an ‘exciting initiative’.

Plans for an investment of up to £1.5 million into Stowmarket’s high street and town centre area were unanimously approved during yesterday’s Mid Suffolk cabinet meeting before it can be agreed to by full council next week.

The money would be taken from a reserve pot made out of Gateway 14’s profits to create a new Stowmarket Town Centre Gateway Fund.

Cllr Richard Winch, the cabinet member responsible for the plans, said the initiative was designed to stimulate new activity in the town centre.

He added: “We want to see Stowmarket become a thriving town with a thriving town centre and a great place for people to live in and visit.

“The aim is to bring new things to the town centre, not subsidise competition to existing things.”

The scheme would be divided into two parts, the first of which would involve working with landlords to bring empty properties back into use by outright buying, renting or refurbishing them.

The second part of the scheme would include support for potential occupiers, through grants and signposting, as well as short-term support with such things as branding and marketing.

Cllr Colin Lay, the lead member for Stowmarket, said the plans would not only enhance the visual appeal of the town but also complement long-standing businesses and market traders.

He added: “It’s an exciting initiative that’s aimed at enhancing the town centre and bringing some positive changes to the community of Stowmarket.

“The goal is to bring tangible benefits to the residents of Stowmarket made possible by the development at Gateway 14.”

Cllr Winch also pointed out the scheme was one of several investments into Stowmarket, one of which was also approved yesterday evening.

Later in the meeting, cabinet members discussed the plans to spend Community Infrastructure Levy (CIL) money — this is a sum of money collected from new developments, mostly housing, which can be used by the council for community infrastructure.

One of these projects included a £538,662 investment into the extension and refurbishment of Stowmarket Library, in Church Walk — this is equivalent to 66 per cent of the project’s total £818,192 cost.

The rest of the money would be sourced from different places, including a further £10,600 from the council, £159,529 from section 106 developer contributions, and £109,400 from the county council’s carbon reduction funding.

Cllr Andrew Stringer said: “We absolutely want to make sure the facilities we’ve got [in Stowmarket], also equally thrive.”

The project was approved unanimously.