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Portsmouth to gain from investment
Portsmouth is in line for a billion pounds of investment with the potential to bring 16,000 new jobs, 5,000 new homes and a massive boost to its economy.
Schemes like the redevelopment of the rundown Tipner area, the transformation of the city centre and creation of an out-of-town business park are on the way, with ambassadors needed to inspire young people and help them grasp the opportunities.
Mike Hancock, Portsmouth City Council’s cabinet member for planning, regeneration and economic development, addressed city business leaders at ’Portsmouth is Open for Business’, an event organised by Shaping Portsmouth, a group of major public and private employers brought together by the council to focus on regeneration.
The £130 million Tipner scheme, a plan to redevelop areas of derelict land at the entrance to the city, received two major boosts. The Government has agreed almost £20m of funding for a new motorway junction and park-and- ride serving the area, and the first planning applications for cleaning up and developing the site have been approved.
Other schemes include:
• The £270m Northern Quarter scheme for a new city centre shopping area, with a planned opening in 2018.
• A £20m proposal to build a bridge from Tipner to Horsea Island, opening up land for new homes and creating access to a planned country park.
• A £30m proposed new road layout in the city centre.
• A £12m plan to develop infrastructure on council land at Dunsbury Hill Farm, Havant, in preparation for a business park with hundreds of jobs.
• A £100m strategy to bring in more visitors to the seafront and make the city a European city break destination.
Funding for the schemes will come from the Government, private developers and the city council, including income from new ways of raising money from council assets, but Hancock said it was crucial that young people were given the right training to grasp the opportunities.
He said: “It is our job to make sure local people get the training and skills required to ’get that job’. Regeneration is not just roads, construction or housing. Regeneration happens in people’s minds. I’m calling on people to become Portsmouth ambassadors. We want to train people from a range of sectors and backgrounds to give presentations to inspire young people and visit schools and neighbourhood forums.“
Business T H E TM MAGAZINE:DIGITAL
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It looks to be a promising future for The Rose Bowl
Hampshire’s The Rose Bowl has welcomed Eastleigh Borough Council’s decision to purchase and lease-back the site at a cost of £6.5 million.
The council will buy the 999-year lease on the land and buildings at the West End home of Hampshire County Cricket Club, with separate plans approved to fund a £30m hotel.
The Rose Bowl views it as an important milestone in ambitious development plans, aimed at ensuring the venue becomes not only the first Model Test Match ground in the UK (as defined by the England and Wales Cricket Board’s own criteria), but also one of
the UK’s leading destinations for sport, leisure and entertainment.
When completed, the ground and hotel development will have an overwhelmingly positive effect on the local economy, creating additional full-time jobs and protecting others. At the same time it will bring in an estimated £55m in direct and indirect revenue from visitors to the surrounding area.
Once agreements are finalised, construction work will start on the four-star, 175-bedroom hotel. The aim is to complete this groundbreaking project in time for the Test Match between England and India in 2014.
Rod Bransgrove, Rose Bowl chairman, said: “The Rose Bowl is truly at the heart of the local community and, moving forward with the help of our colleagues at Eastleigh Borough Council and commercial partners, we can deliver top quality sports and entertainment to the people of Hampshire for many years to come.
“I want to thank everybody associated with the Rose Bowl and Hampshire Cricket for their support during the past few years. This is very much a collective effort and, while we have had our setbacks, this is a positive development and one that ensures the Rose Bowl’s place as a major asset for the people of Eastleigh.“
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – FEBRUARY 2012
www.businessmag.co.uk
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