● Providing better housing ● Creating a visitor destination ● Shaping place
For the private developer, even in this market its regeneration aims are likely to be:
● Turning a profit!
However it is, of course, not quites that straightforward as the private developer will be looking at the sustainability of the development, achieving long-term investment growth and securing a development that will be attractive to occupiers and investors. But it must always be borne in mind that the private developer will not be interested in a development that is not going to achieve a financial return. Incremental development using public funds to kick-start the regeneration of an area can lead to a return for developers. The area is then re-shaped and this can generate profit in itself as a sustainable community. The key to this is the shift from “short-termism” to long term investment and partnership, in order the make the assets work.
Key Considerations
In considering the type of partnership to use key considerations will include
● Understanding the participating stakeholders’ position ● Finding a way to work together ● And making the partnership viable yet flexible.
The Route to Achieving Regeneration Goals The route may entail
● The use of public money by way of grant or other funding streams to resolve issues which would otherwise make the project economically unviable
● A commitment to speculative development to “kick start” interest in the project
● Balancing of risk between the parties in relation to market frailties
● Securing the partnership and “future proofing” it
● Taking advantage of the powers of the public sector body (for example CPO and appropriation powers)
It is important that both parties must understand the other party’s position and find ways to work together to ensure that each party successfully achieves its key deliverables.
The two Case Studies we will look at both involve the public and private sectors working together.
The site of the development is at the core of what was Salford Docks. Once one of the country’s busiest dock systems, opened by Queen Victoria in 1894, Salford Docks suffered from the decline of heavy industry and the containerisation of shipping. It was finally closed in 1982, leaving the disused piers and waterways at risk of becoming a wasteland. In 1985 the Salford Quays development plan was unveiled signalling the start of one of the UK’s first and biggest urban regeneration projects.
The Developer
The Developer selected for MediaCityUK was the Peel Group, a leading North West real estate investment company with assets owned and under management of £6 billion. John Whittaker formed the Group forty years ago. He established the foundations that formed the company as it is now through a philosophy of recycling capital and long-term investment. Peel’s assets include the Manchester Ship Canal Company, the Trafford Centre, Clydeport PLC and its west coast Scottish ports, the Mersey Docks and Harbour Company and several airports including Liverpool John Lennon. It has a £50 billion investment strategy for the North West spanning the next fifty years. The aim is to establish the River Mersey and Manchester Ship Canal corridor as a source of new jobs,
ASSET - Liverpool-10 Tiffany Cloynes 31
CASE STUDY 1 MediaCityUK
Origins Back in late 2004 the BBC announced it was searching for a new northern centre where it could relocate five London– based departments. In August 2005, Salford Quays was shortlisted as one of the four potential sites being considered.
It was at this stage that the MediaCityUK concept was born. A team of public sector bodies, the North West Regional Development Agency (NWDA), Central Salford Urban Regeneration Company and Salford City Council worked with site owners and developers Peel to create a long-term proposal for a brand new media district supporting a host of like-minded businesses; a digital hub, inspired by media clusters in cities like Dubai and Singapore. This vision for a shared creative community proved compelling to the BBC, who selected MediaCityUK as their preferred site in July 2006.
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