COMMERCIAL property professionals have welcomed the introduction of enterprise zones for Merseyside in last week’s Budget.

Chancellor George Osborne announced that Peel Holdings’ Liverpool Waters and Wirral Waters developments would become the city region’s designated enterprise zone.

The zone means companies relocating to within it would benefit from significant tax breaks.

Firms will also benefit from relaxed planning legislation, which it is hoped will further entice them to move into Merseyside.

Peel said the news of the zone’s creation was greeted with excitement in China, where Merseyside has forged strong links.

Chris Johnson, managing partner at Smith & Sons, in Birkenhead, said any help to boost investment into the city region was to be welcomed.

He added: “The creation of an enterprise zone for this area will provide tax incentives, fewer planning restrictions and rate relief on commercial buildings.

“This follows Labour’s scrapping of the regional development agencies.

“Businesses moving into the areas will benefit from 100% business rates discount.

“There will also be enhanced capital allowances and fast broadband connection.

“While being included in an enterprise zone is an admission of being a deprived area, we have to work with what we’ve got and any incentives to attract or retain businesses are welcomed.”

Simon Reynolds, of GVA, also welcomed the introduction of enterprise zones but warned they would have to be done right.

He said: “Dependent on the exact location of an enterprise zone, the rate relief (capped at £275,000 and five years) will help, as will rapid introduction of super-fast broadband in them.

“But remember, it took 25 years from the inception of Salford’s enterprise zone to result in real success at the adjoining MediaCity after years of over-development of the wrong type of product.

“Let’s not make the same mistakes again. “Peel could be set to benefit from Liverpool’s enterprise zone if it includes its waterfront landholdings.”