Investment of £45 million in Fife’s industrial estates is planned in a bid to bring more businesses to Fife and create employment.
‘Factories of the future’ would be created by constructing new industrial and commercial stock in conjunction with the private sector.
The boost, which it is hoped will be part of the Edinburgh and South East of Scotland City Region Deal, would ensure technology parks and industrial estates with cutting-edge digital capability and energy compliance.
It is estimated up to 3,500 jobs could be created over 20 years.
Fife Council’s policy and coordination committee has agreed that a business case will be finalised and submitted.
Fife Council co-leader Councillor David Ross 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 business 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.”
Co-leader Councillor David Alexander said: “With a real need to create more skilled jobs, boost business and develop more highly skilled workers, this City Region Deal is driving inclusive growth to boost the innovation and performance of Fife’s businesses.”
An estimated 130,000 square feet of new offices, industrial space and storage and distribution facilities will be created and around 100 acres of employment land will become marketable and available for development.
Strategic business clusters targeted will be Dunfermline, Glenrothes, Inverkeithing, Dalgety Bay, and Rosyth and Kirkcaldy, Levenmouth and Lochgelly.
Research by Ryden in 2014/15 found growing obsolescence of Fife’s industrial and office stock, poor development economics preventing new private sector development and reduced availability of quality property to attract high value businesses.
The regeneration programme will be conducted over 10 years.
The city region deal aims to create new economic opportunities and provide over 21,000 new jobs, with investment of up to £600 million over the next 15 years.
