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Inward investment on the rise as Olympics brings £2.5bn to UK economy

Inward investment on the rise as Olympics brings £2.5bn to UK economy

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.

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SITA UK gets West London public partnership contract

SITA UK selected as preferred bidder for West London public private partnership contract

A consortium led by SITA UK, a subsidiary of Suez Environment, has been selected as preferred bidder for a resource recovery contract worth over £900 million over 25 years with the West London Waste Authority.

The contract is to manage up to 300,000 tonnes of residual household waste each year from the West London Boroughs of Brent, Ealing, Harrow, Hillingdon, Hounslow and Richmond-upon-Thames.

The new rail-linked energy-from-waste facility, which will be called the Severnside Energy Recovery Centre (SERC) is set to create new jobs and boost the trades.

The waste collected from over 1.4 million residents will be managed in a new energy-from-waste facility in Severnside, South Gloucestershire and transported by rail from West London.

Compared to the current waste treatment this will save over 83,000 tonnes of CO2 emissions each year, which is more than two million tonnes over the duration of the contract.

This facility will produce enough electricity to power the equivalent of approximately 50,000 homes and could also supply hot water to local businesses, further improving its environmental performance.

The total capital investment in the new facility is over £240 million. A total of 53 permanent jobs will be created at SERC with around 200 jobs being created during its construction.

David Palmer-Jones, Chief Executive Officer of SITA UK, said: “We are delighted to be named preferred bidder for this major waste management contract in West London. It is great news for the six boroughs and their residents, knowing that their waste materials will be used to produce energy and avoid landfill.

“Contracts like this make the circular economy a reality and show that environmentally sustainable solutions offer nothing other than business sense – extracting energy and employment from materials which too often are treated as waste.”

HS2 Ltd unveils new building plans for London Euston

HS2 Ltd unveils new building plans for London Euston

Euston Station will be redeveloped to become the gateway to the great cities of the Midlands and North as part of the HS2 scheme that will create thousands of trade jobs.

The first phase of HS2 alone, from London to the West Midlands, is expected to support about 40,000 jobs, figures which do not include broader employment growth supported by the new line and the use of released capacity on existing routes.

HS2 Ltd Chief Executive Alison Munro said: “HS2 will be an engine for growth that supports the creation of thousands of jobs for Londoners, provides extra space on the existing lines for more commuter services, and improved connectivity with our great northern cities.”

The new plans for Euston, developed partly in response to concerns from the community about the potential disruption caused by the redevelopment would lead to less disruption for passengers as the station could continue to operate mostly as normal rather than having to move services from old platforms to new ones while platforms are being progressively demolished and rebuilt.

Ms Munro commented: “Community concerns have been raised about the potential disruption caused by the redevelopment of Euston Station.

“Following more work done by our engineers to find the best way to deliver best value for taxpayers, we have identified an option that we believe delivers great opportunities for the area while minimising the potential effects on local communities in Camden and on passengers.”

The new proposals would see the station revitalised for passengers and with potential for new homes, offices and shops above. Completing construction by 2026 will unlock the line-wide benefits for local residents and businesses.

 
The revised proposal features:

  • Potential opportunities for over-station development – with the possibility of being used for future homes, open space and businesses.
  • The capacity needed for high speed and conventional trains
  • New platforms and facilities for the high-speed trains
  • New, improved facilities for all passengers in a redeveloped, integrated station with a new, combined concourse and façade
  • Better connections with the Underground, including a new Underground ticket hall
  • A sub-surface pedestrian link between Euston and Euston Square Tube
  • East-west pedestrian routes across the station, helping to link communities on either side of the station.

 

Government commits £1bn investment to build 10,000 new homes

Government reveals £1bn build-to-rent fund set to deliver 10,000 new homesHousing Minister Mark Prisk announced today that up to 10,000 new homes could be built by 2015 that will create new jobs and boost the trades.

The minister announced the first 45 projects to be taken forward using the £1 billion Build to Rent Fund which will provide equity finance to house builders and developers.

Mr Prisk said that the innovative new projects, a quarter of which are for London, will be the first step toward creating a more balanced rental market, driven by quality instead of demand.

The Build to Rent Fund is designed to help developers invest in homes built specifically for private rent by reducing the up-front risk in a relatively untested market.

A first round of projects will now receive a share of £700 million government investment package, with a second round of bids for the remaining fund expected to open later this year.

Projects going forward in this round have the potential to deliver between 8,000 and 10,000 homes, and include:

  • Genesis Housing Association, with plans for new rental homes around London
  • Place First, along with Together Housing Group, who will be building across Northern England
  • Crest Nicholson, who intend to bring a significant number of homes to market over many sites across the country

Mr Prisk said that the varied mix of developers, from brand new organisations and small housing providers to long-established developers, will bring new blood into a market currently dominated by small-scale buy-to-let landlords, and will help to give tenants more choice when choosing a home in the future.

Housing Minister Mark Prisk said: “This government is determined to get Britain building, and the Build to Rent Fund is set to help us deliver, with up to 10,000 new homes to be built from these projects.

“We’ve seen overwhelming demand for the fund, and it’s become clear that there’s a real appetite for rental investment. We want to support that, which is why we’ve made a £1 billion Budget boost to the fund.

“Now, these new projects will help us map this almost uncharted market, bringing in new blood to improve rental quality and choice, and building the new homes that this country wants and needs.”

What is your reaction to the new £1bn build-to-rent fund that will deliver 10,000 new homes and boost the trades? Share your thoughts by commenting here or raise your voice on our Facebook and Twitter pages.

Costain Joint Ventures Win Two Crossrail Contracts

Costain Joint Ventures Win Two Crossrail ContractsCostain has been awarded a £300 million contract to design, fit-out and commission the railway systems in Crossrail’s tunnel network that will create new jobs and boost the trades.

Under the contract, the engineering solutions provider will design and install track, overhead lines and mechanical and electrical equipment to fit out the 21km of twin tunnels currently being bored under the streets of London.

Design work will commence immediately, with the fit-out works starting in 2014, and will be carried out within the entire tunnelled and surface sections of the Crossrail route between Royal Oak, Pudding Mill Lane and Plumstead Portals.

Costain has also announced that in Joint Venture with Alstom it has been awarded the £15 million contract for the design, construction and commissioning of the system that will provide traction power for the trains in the central tunnelled section of the Crossrail scheme.

Work will involve the construction of several auto–transformer stations and a feeder station site at Pudding Mill Lane to provide a 25 kV supply to the overhead line equipment that will power the new Crossrail trains. Costain is also constructing for National Grid the new cable tunnels to provide power to the other Crossrail feeder station at Kensal Green.

Crossrail will open in 2018. The Crossrail route will pass through 37 stations and will increase London’s rail-based transport network capacity by 10 per cent. An estimated 200 million people will travel on Crossrail each year.

Andrew Wyllie, Chief Executive of Costain, said: “The Crossrail scheme is providing a much-needed solution to upgrading a key part of the nation’s travel infrastructure.

“We are delighted to have been awarded these contracts, which follow on from other Crossrail projects we are involved in, including the construction of the Bond Street and Paddington stations and works at Eleanor Street and Mile End Park.

“We believe these further wins demonstrate the successful implementation of our ‘Choosing Costain’ strategy in which we focus group-wide resources on meeting the developing requirements of major blue chip customers.”

Mansell starts work on £12m Euston student block

Mansell awarded £12 million Euston Road student accommodation block

Mansell has been selected for a £12 million seven-storey student accommodation building on London’s Euston road that will pave the way for new trade jobs

The scheme involves demolition of part of the existing building behind a retained façade and construction of a 171-bed accommodation block along with associated external works, services, lifts and ancillary areas.

Once complete, the building will be certified with a BREEAM ‘Very Good’ rating.

Construction of the seven-storey project at Bentley House will be completed in time for the 2014 student intake, boosting the trades and people in the building construction industry.

To protect the architectural heritage of the building, bricks removed during demolition will be salvaged, cleaned and reused where possible, with new material matched to the original as closely as possible.

Situated within close proximity to an area of high pedestrian footfall and heavy traffic, sensitive demolition techniques and sophisticated logistics planning will be used throughout the duration of the contract to avoid disruption.

An innovative piling solution, which will complete prior to the start of demolition works, will facilitate the seamless transition between an old and new sub-station.

 

British Land reaches key milestone in London redevelopment

British Land reaches key milestone in the redevelopment of Harmsworth Quays

The first step has been taken to allow the redevelopment of the 14.57 acre Harmsworth Quays printing works site in Canada Water, South East London, to go ahead.

Southwark Council has given its approval for the Daily Mail General Trust (DMGT) to assign its leasehold interest in the site to British Land.

The decision is a key milestone for the development which has the potential to deliver significant improvements to the local area and create new trade jobs.

Cllr Fiona Colley, Cabinet Member for Regeneration at Southwark Council, said: “In addition to new homes, the redevelopment of Harmsworth Quays has the potential to deliver the town centre and jobs that Rotherhithe really needs.”

British Land will now begin working up proposals in consultation with Southwark Council and the local community to realise the full potential of this important site. Vacant possession of the site will be available later this year following the relocation of DMGT’s printing operations to Thurrock.

Southwark Council, which is currently developing policy to guide the redevelopment, will be adopting a preferred option of its Area Action Plan in May for consultation. This will emphasise the council’s and community’s vision to create a mixed-use town centre at Canada Water.

Both Southwark Council and British Land have committed to exploring the potential to create a new campus for Kings College as part of the scheme, to complement their proposals for the adjoining site at the Mulberry Business Park.

Nigel Webb, Head of Development for British Land, said: “We are delighted that the London Borough of Southwark has agreed the assignment for Harmsworth Quays. We can now begin the process of working with the local community, the London Borough of Southwark and other key stakeholders to bring forward a new, mixed use development in the heart of Canada Water.”

Plans for Great Haddon Urban Extension given the go-ahead

Plans for Great Haddon Urban Extension given the go-aheadPeterborough City Council has approved plans for building 5,300 new homes as part of the Great Haddon development which is set to create thousands of jobs in the construction industry.

Peterborough Planning and Environmental Protection Committee has backed plans to build three primary schools, one secondary school and some 5,300 new homes alongside the 390 hectare site in the south west of Peterborough

The scheme is expected to create 24,600 new jobs in the next 8 years whilst delivering wider economic growth to the Peterborough area and boosting the trades.

The project has been included in the government’s London-Stansted-Cambridge-Peterborough growth area to help meet the UK’s housing shortage and generate economic growth.

The Committee has asked the Consortium to work up further details for certain aspects of the scheme, such as the design of the Yaxley ‘Loop Road’ and the timing of provision of community facilities, to ensure that those aspects of the scheme are fully scrutinised prior to implementation of the consent.

The applicants’ team will be working these details up over the coming weeks prior to a report being presented back to Committee.

Lucia Serluca, the chairman of the planning committee, said it was essential that good and efficient infrastructure is built before people started moving in to the new homes.

“Let’s not just build the houses and forget about everything else,” she said.

“We need to build the houses in conjunction with the educational centre, the retail centre, to make sure the amenities that those residents will have, they have as soon as they live on the development.”

 

White City residential scheme gets the go-ahead

Dairy Crest Site

Hammersmith and Fulham Council have given the go-ahead to Helical Bar and Aviva Investors to build 1,150 new homes in White City, west London.

The 1.5 million sq ft residential-led development is based on the former Diary Crest site and is expected to create thousands of jobs in the construction industry and boost the trades.

Current plans include demolition of all existing buildings on the site and providing up to 1,150 new homes, business space, local retail and associated services, leisure and a range of community facilities comprising a multi-purpose community building incorporating basement and service level car parking.

The scheme will also see the building of an Urban Square, a public Central Garden Square with communal and private space available on site.

Development Director at Helical Bar, Matthew Bonning-Snook, said: “We are extremely excited about our proposals for Brickfields.

“The Eric Parry design code for the masterplan uses a predominantly natural palette of brick and stone to create sustainable and attractive buildings which, alongside the public realm and amenities, will form a genuine new London community.”

The brick-built homes will be a mixture of affordable, shared and private ownership. The developer and partner Aviva Investors also plan to build 150,000 sq ft of offices, retail and community facilities.

The site is part of the Mayor of London’s and Hammersmith and Fulham’s White City Opportunity Area, set to deliver thousands of new homes and jobs for the capital.

What is your reaction to the new residential development at White City that will see the building of new homes and boost employment in the trades? Share your thoughts by commenting here or raising your voice on our Facebook and Twitter pages.  

Crossrail plans new residential scheme in Camden

Crossrail submits new residential plans to Camden council

Crossrail and architects HOK have submitted plans for a 30,000 sq ft, eight-storey residential development set to create new jobs and boost the trades.

A planning application has been submitted to Camden Council for striking residential scheme comprising 22 one, two and three bedroom apartments at Fisher Street in central London.

The scheme has been designed in consultation with the London Borough of Camden and English Heritage. The plans will incorporate the ground floor Crossrail shaft while creating a unique exterior that offers different views of the building from each angle.

The project is Crossrail’s latest over-site development submitted for planning consent. Another 3 million square feet of office, retail and residential space is planned above new Crossrail stations and sites in London with planning consent secured for nearly 1 million sq ft of development so far.

These developments will help create new business space, jobs and new homes for Londoners on top of the world-class new transport links Crossrail is delivering.

Crossrail’s Land and Property Director, Ian Lindsay, said: “Not only is Crossrail delivering world-class new transport links, it is creating high-quality new development opportunities throughout the capital.

“The Fisher Street plans offer a striking piece of architecture for a unique opportunity to deliver new residential space in a prime central London location.

“This is one of a number of commercial opportunities in the pipeline and we are continuing to seek new development partners to help us deliver a range of future schemes.”

Construction work on the Fisher Street shaft is already well underway and is expected to be completed in 2015.