The Coast to Capital local enterprise partnership has bid for £559m of government funding to accelerate regeneration around Croydon.
If the bid is successful, Coast to Capital, which covers an area encompassing Croydon, West Sussex, Brighton & Hove, Lewes, east Surrey and the Gatwick diamond, has committed to developing 27,000 homes and 9.7m sq ft of employment space.
It has also pledged to invest £550m of public-sector funding from local authorities, higher education and others; leverage £2.8bn of private sector funding to support the proposals; and invest £61m of European funding.
The Coast to Capital strategic economic plan will now be considered by government alongside the 38 other plans prepared by LEPs across the UK competing for a share of the local growth fund.
Councillor Jason Perry, cabinet member for planning, regeneration and transport, said: “Croydon may be only one patch of what is a large area of the South East, but I believe we can play an important and influential role in the future prosperity of the region.
“In addition to being a recognised business centre with unrivalled transport links, Croydon has a large and diverse workforce that’s not afraid to buckle down and get the job done.
“If this bid is successful, it can only help in the continued growth and success of a borough that is already seeing massive investment and the instigation of exciting plans, such as the redevelopment of the town’s retail centre and the Connected Croydon programme of infrastructure improvements.”
annabel.dixon@estatesgazette.com
