The schemes backed by the London Enterprise Panel (LEP) are in areas where ambitious regeneration plans are in place and where transport infrastructure will help unlock significant economic growth.
These schemes are set to deliver improved rail links between Tottenham Hale and the Upper Lee Valley; major road improvements in Bexley and support Ealing to harness the economic opportunities coming from Crossrail.
Collectively the projects could safeguard existing or create an estimated 45,000 jobs, support the construction of tens of thousands of homes and attract significant private investment into deprived areas.
The LEP’s adoption of these bids is a significant milestone for these projects and the proposals will now progress to a final stage, including more detailed work developing business cases, technical modelling and delivery mechanisms.
The Mayor of London, Boris Johnson, said: “Transport links are a vital precursor to economic development. This money is earmarked for investment into transport schemes which have significant potential to stimulate growth and job creation.
“I welcome the London Enterprise Panel’s assessment of which projects are best placed to do this and City Hall will now be working with the bid teams to progress these ambitious proposals.”
The bids approved by the London Enterprise Panel will provide extra services at Northumberland Park and Tottenham Hale, improving rail links between Stratford, the Upper Lee Valley and beyond including Stansted Airport.
Collectively with Angel Road Station improvements, this will support the commencement of the Meridian Water development and regeneration at Northumberland Park where there are plans for an estimated 3,500 homes and 500 jobs.
It will also support the development of an estimated 15,700 new homes, 21,900 new jobs in the Lee Valley and up to 15,000 jobs in adjoining areas.
£2.5 million allocated to upgrade Angel Road station and support regeneration in Enfield (bid from Enfield Borough Council). Angel Road station is vital to the regeneration of Enfield and specifically to support the Meridian Water development and regeneration in the Lower Lea Valley more widely.
Station improvements will increase passenger capacity through an enhanced commuter rail service and boost employment across wide range of trades in the building construction industry.
Britain’s Olympics has delivered a £2.5 billion boost in foreign direct investment (FDI) over the past year, bringing with it more than 31,000 jobs, according to preliminary figures published today.
The investment projects generated following the 2012 Olympics’ British Business Embassy programme of global business summits have helped ensure that the UK has again retained its position as the leading European destination for foreign direct investment.
The preliminary data published today at the Global Investment Conference shows that during 2012-13, UK Trade & Investment (UKTI) recorded 1,462 projects which brought with them or safeguarded 163,489 jobs. Of these 58,170 are new jobs – beating both the quantity of investment attracted and employment secured in the previous year.
The Prime Minister, David Cameron joined other high profile delegates from 40 countries at the Global Investment Conference, including the German and Canadian finance Ministers, Managing Director of the International Monetary Fund Christine Lagarde, global chief executive officers, sovereign wealth funds representatives and corporate investors.
Senior Ministers Chancellor George Osborne, Energy Secretary Ed Davey, Trade Minister Lord Green, Treasury Ministers Greg Clark and Lord Deighton and London Mayor Boris Johnson also spoke to delegates about the UK’s compelling offer as both a hub for global growth and an international investment destination.
Trade and Investment Minister Lord Green said: “Foreign investment creates hundreds of thousands of jobs and helps to increase the productivity and competitiveness of the UK economy. It’s a vital strand of the Government’s plan for growth.
“The 2012 Olympics were a once in a generation opportunity for the UK to showcase to the world Britain’s compelling investment offer and these preliminary figures are very encouraging. Despite strong competition from our traditional competitors and emerging economies, Britain has retained its position as the leading destination for foreign direct investment in Europe.
“To retain the UK’s enviable position as one of the most attractive global locations of choice, Britain will need to continue to work hard to attract high value foreign investment in the coming year and beyond.“
The preliminary data published today compares favourably with last year’s 1406 recorded projects (4% increase) and 112,659 jobs (45% increase). Of the 163,489 jobs, 58,170 are new jobs and 105,319 safeguarded jobs. UKTI and its partners were involved in delivering nearly 84% of the projects. Full results will be published in July.
The centrepiece of the 7-acre new Imperial West campus is the multi-million Research and Translation Hub for academics and business partners that will see the building of new homes, publicly accessible green space, pedestrian subways and leisure and retail facilities.
Imperial West is set to become a major new research quarter for London, reinforcing the capital’s position as a catalyst for scientific development and economic growth
Imperial bought the land for the new campus from the BBC in 2009. The first new building, which provides accommodation for over 600 postgraduates and early career researchers, has been occupied since September 2012.
Terms of the planning permission for the rest of the site were agreed with the London Borough of Hammersmith and Fulham in December 2012
Design work on the Hub, which is funded by investor Voreda and from the College’s own resources, is underway. The College plans to complete the construction in 2015.
Mayor of London, Boris Johnson, said: “London is home to some of the world’s leading universities and sharpest business minds.
“This fantastic venture will bring the best of both these worlds together turning brilliant ideas into jobs and economic growth and further bolster our reputation as the must-come destination for research and development.”
Minister for Universities and Science, David Willetts, said: “Imperial is one of our country’s great universities and the new Imperial West campus is a really exciting development. It will focus on translational work – on applying the excellent research that Imperial does to bring benefit to the wider world.
“The government strongly supports the vision and plans for the new campus and we look forward to seeing it grow and prosper in the future.”
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Developer Hadley Mace has finalised a deal with the Mayor of London Boris Johnson and the Royal Borough of Greenwich to deliver a £250 million mixed-use scheme in east Greenwich that will create new jobs.
It is anticipated that the first phase of homes and community facilities will be completed by late 2014, with the entire development completed approximately three years later, paving the way for employment in the trades.
David Grover, director of Hadley Mace, said: “This leading scheme will demonstrate the benefits of public private consortium and its impact on a community that has been anticipating investment and re-development for more than 10 years.”
“The partnership between Hadley and Mace came about as a response to the Home and Communities Agency’s quest to find a new way of regenerating neighbourhoods with fresh, innovative thinking and creative investment.
“Acting as delivery partner for the client, and taking control of funding and risk aspects of the scheme, we are offering a full turn-key solution that can be replicated throughout the UK on all public land and any stalled public regeneration scheme.”
The Mayor of London, Boris Johnson, said: “This landmark regeneration scheme is a key part of my commitment to provide much-needed housing and jobs for Londoners by bringing forward public land for development.
“The East Greenwich project will see nearly 30% of homes built with families in mind and the construction of some fantastic new amenities that will help to create a thriving and vibrant community.
“I am delighted the scheme is now storming ahead and is another step closer to delivering what I have no doubt will be an exciting new place for Londoners to live, work and visit.”
The plans will see the demolition of the London Fruit and Wool Exchange which will make the way for a six-storey building for office and retail use to be build.
The Mayor believes the site and its location are vital to the prosperity of this fast developing part of the capital and to London’s wider economy.
Mayor Johnson used powers granted to him in 2008 to support the application, which had previously been refused planning permission by Tower Hamlets Council.
He said: “The historic London Fruit and Wool Exchange, in the heart of London’s East End, is a former commercial epicentre to which producers and buyers flocked from miles around to do business.
“These plans will not only restore the façade to its former glory, but regenerate the Spitalfields area with thousands of new jobs, and brand new commercial opportunities.
“It will also make a vital contribution to the wider London economy and have a significant impact not just on Tower Hamlets but on surrounding boroughs as well.
“I can find no reason to refuse permission and am of the firm view that this ambitious and important redevelopment should go ahead.”
The Mayor of London Boris Johnson and Communities Secretary Erick Pickles have given final approval to a £320 million regeneration scheme in Harrow.
The project will turn the 40-acre strip of land, previously used by the camera company Kodak, and build 985 new homes, a primary school, medical centre as well as shops and offices.
Portfolio holder for regeneration at Hallow Council, Keith Ferry, said he was ‘delighted’ that the project, which was granted panning permission in June, had finally been approved by the Government, paving the way for building work to start in early 2014.
Mr Ferry said: “As a council we are determined to deliver on our promise to regenerate and build the most sustainable community in Harrow and to establish a thriving residential and commercial centre.”
Developer Land Securities estimates the project, which also includes a community centre, student accommodation, and a retirement home, will create up to 1,500 jobs in the construction industry.
Harrow Council said that this development is the biggest in the area and it forms part of the wider Heart of Harrow project, which seeks to create 3,000 new jobs and build 2,500 new homes.
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“Post-Olympic Work to Create New Jobs in the Trades”
The London Legacy Development Corporation (LLDC) has appointed Britain’s second biggest homebuilder to build the first of the five new neighbourhoods on the Olympic Park.
Sitting between the Athletes’ Village and the Lee Valley VeloPark, the development of Chobham Manor will address the residential needs for larger homes, with more than 75% of the new homes offering family housing.
Eleven thousand new homes, schools, nurseries and shops are set to be built in the Olympic Park over the next 20 years after the London Games leave town.
Daniel Moylan, Chairman of the London Legacy Development Corporation, said:“Chobham Manor will set the tone for the high quality neighbourhoods we want to create across the Park with new schools, health centres and community spaces to support them.”
The Mayor of London, Boris Johnson, welcomed the announcement by emphasising the future benefits for local communities and the increasing accommodation needs in the city.
Mr Johnson said: “With the incredible energy of London 2012 captivating audiences across the world, the long-term legacy of the Olympic Park is quietly going from strength to strength.
“The development of Chobham Manor is major milestone and will help ensure a thriving community on the Park becomes a reality sooner rather than later.”
What are your reactions of the Olympic Games and the lasting legacy they will bring to London’s infrastructure? Do you welcome the Post-Olympic work which is set to deliver thousands of new homes for Londoners? Share the wider implications of the Games for you and your business by commenting here or raising your voice on our Facebook and Twitter page.