Liz Connolly, West Region Director of Operations at Scottish Enterprise and a member of the Clyde Waterfront Strategic Partnership Board, considers the positive outlook for the next few years of Clyde Waterfront regeneration.
Over £2 billion of committed public and private investment in
major regeneration projects over the next three years will continue
the transformation of the Clyde Waterfront so that when the
economic upturn comes, it will be top of the list for private
sector investors and businesses.
At the Clyde Waterfront strategic partnership board we are
confident that, unlike some other major regeneration projects
across Europe which have slowed in the current recession, public
and private investment along the Clyde over the next three years
will maintain momentum and create an ideal climate for more private
enterprise and investment to follow, post recession.
This positive outlook is reinforced by the findings of a new
in-depth economic analysis, conducted for the Clyde Waterfront
Strategic Partnership by GEN.
Building on success
The study concludes that, five years in to a 25 year programme,
the Clyde Waterfront economy has strengthened and diversified
significantly. In particular, the report confirms that, since
- Almost 17,000 new jobs have been created along the Clyde
- Over 2.8 million sq ft of commercial and business space has
- Nearly 6,000 residential homes have been completed
- The level of derelict land in the area has fallen by 79
- Total investment to date amounts to £1.46 billion, of which
£1.1 billion (75%) is from the private sector.
These headline figures have been calculated from over 70
separate regeneration projects including:
- The development of the International Financial Services
- Social Housing e.g. Waterside St. in the Gorbals
- The Clyde Arc Bridge between SECC and Pacific Quay
- BBC Scotland and STV relocations and establishment of the
Digital Media Quarter at Pacific Quay
- Glasgow Harbour Phase 1 & 2 apartments
- Xscape leisure complex and Clyde View Park, Renfrew
- The new Clydebank College and Titan Crane visitor
Now, the public sector partners behind the Clyde Waterfront
regeneration programme have calculated that a number of publicly
funded infrastructure projects and private sector investments
guarantee over £2 billion of economic activity along the Clyde over
the next three years.
In terms of public sector infrastructure, this includes the new
Broomielaw / Tradeston "Squiggly" Bridge, quaysides and public
realm, a new SECC National Arena, the M74 extension, the Riverside
Museum, Partick Interchange, the re-development of the Southern
General Hospital, north Renfrewshire flood prevention and Dumbarton
town centre redevelopment.
Private sector investment
The rebirth of the Clyde Waterfront is a golden example of
public and private sectors working together to transform the
fortunes of a community.
Planned private sector investment includes the completion of
several large office developments and the Jumeirah Hotel in the
International Financial Services District, the third phase at
Glasgow Harbour, Ferry Village in Renfrewshire and the Lomondgate
development in West Dunbartonshire.
Clyde Waterfront is the public sector partnership established in
2003 to support the River Clyde's revitalisation as a world class
waterfront location, through a projected £5-6 billion of public and
private investment in economic, social and environmental
regeneration projects, over the next 20 years.
The strategic partners behind Clyde Waterfront are the Scottish
Government, Glasgow City Council, Renfrewshire Council, West
Dunbartonshire Council and Scottish Enterprise. The project has
been accorded National Priority status and is a key driver of
Scotland's economic development in the 21st century.
It's vitally important that we remain focused on maintaining
momentum during these economically challenging times. We will
continue to work hard to ensure that communities along the river
see real benefits from the opportunities on offer.
Compared to most other parts of the UK, we are fortunate to have
a large number of publicly funded infrastructure projects along the
river that will not only help us maintain momentum in the short
term but also create the most attractive environment to attract
further private investment in the future. We are confident that
what is being created along both banks of the Clyde will present a
very attractive proposition for developers and investors, when the
6th October 2009