The English Cities Fund – a partnership between three regeneration and investment organisations – has said it will double its investment in cities and towns in England to £200m.
The fund is a development company set up by Homes England, Legal & General and Muse Developments. With initial investment of £100m, the fund is on track to deliver five schemes in England with a total value of £1.6bn.
The fund will now double in size to £200m to target complex, large-scale and long-term regeneration projects which unlock the potential of English cities and towns.
It will seek new partnerships with councils, regional authorities and other public sector organisations to transform major sites, develop mixed-use, residential-led schemes, and create new places.
The fund was set up in 2001 to bring together the best of the public and private sector, combining the expertise of Homes England, the government’s dedicated land and homes agency; Legal & General’s capabilities in driving investment across UK property and infrastructure; and the urban regeneration knowledge of Muse Developments.
Working on regeneration projects in Liverpool, London, Plymouth, Salford and Wakefield, the fund has to date delivered 850,000 sq ft of office, retail and leisure space, generating some 5,000 jobs and opening up new urban spaces to the public. It has built 1,300 homes in new neighbourhoods, with a further 2,210 homes still in the pipeline, alongside 820,000 sq ft of new commercial development.
Sir Michael Lyons, former chairman of the BBC Trust and chairman of the English Cities Fund, said: “Our cities and towns are the engines of our economy and our cultural and social lives. We must continue to reinvent them in bold and imaginative ways.
“We want to partner with ambitious local authorities and other public bodies who want to attract investment, build homes and support enterprise. Together we can create exceptional places.”
The expanded fund will focus principally on projects which have a gross development value of over £100m.
As well as working with five local authorities, the fund has delivered schemes in partnership with Network Rail, the East Coast Mainline, the Greater London Authority and Homes England.
Source: Insider Media