National regeneration agency, English Partnerships (EP), has reported its highest ever-recorded investment programme of £836m, an increase of 73% on the previous year’s figure.
In its Annual Report published today, the 2005 – 2006 results also show the agency exceeded other targets including:
- 7,389 new homes started on site up 66% on last year
- 3,182 homes completed up 26% on last year
- 411,000 sq m of employment workspace up 122% on last year
- £664m of private sector investment up 38% on last year
During the past year EP made two major site acquisitions of surplus public sector land, ensuring land for future EP developments.
Oakington Barracks in Cambridgeshire was acquired from Defence Estates for nearly £100m and a further £280m was paid to the Department of Health for the first of a portfolio of 96 redundant hospital sites across the UK.
EP led a range of initiatives aimed at reducing investor risk and drawing in more private sector finance in growth and regeneration areas.
The Milton Keynes Infrastructure Tariff aims to lever in £310m from developers investing in the growth of the town to pay for strategic infrastructure such as roads, schools, parks and health facilities.
Baroness Ford, chairman of EP said: “We have maintained a strong focus on delivering our core targets of homes, employment opportunities and private investment, and we have built on our capacity to advise, facilitate and innovate.
“We are particularly proud of our work to create and promote ways of working aimed at minimising financial risk while encouraging private sector investment, such as the establishment of the infrastructure tariff in Milton Keynes.”
Other highlights included signing partnering agreements with three development consortia for the London-Wide Initiative (LWI), which will deliver up to 2,000 affordable homes including houses for key workers and first time buyers in the Capital.
Chief Executive John Callcutt said that next year the agency’s investment programme was likely to be increased by around £100m in real terms, as further large-scale acquisitions were unlikely to cut into the budget. He added that attracting more private sector investment would be a priority.
“We will be working with the major house builders, in particular, to demonstrate that creating better quality, well maintained communities that have effective long-term management structures will increase their shareholder returns.”
References: EGi News 20/07/06
