Funding secured for the provision of new exhibition hall at the Farnborough International Airshow site
Transport improvements that will bring forward new jobs and homes
Investment secured to support housing
Support for a new University Centre at Farnborough College of Technology
Funding secured to regenerate Aldershot Town Centre
It has been announced today that Farnborough and Aldershot are to benefit from Local Growth Deal funding awarded to Enterprise M3 Local Enterprise Partnership. This money is included in today’s Government announcement that Enterprise M3 has been awarded a further £29.9million of funding from its Local Growth Fund and £46million in loans from the Public Works Loan Board. This is in addition to the £118m of funding which was announced in July 2014.
The funding for Farnborough and Aldershot announced today will be used to support five infrastructure projects that will bring forward new housing, create new jobs and improve transport links within the two towns and their surrounding area. Discussions are continuing with project partners on the details of the schemes and all projects are subject to due diligence and contract
The projects in Farnborough and Aldershot that have been awarded funding are:
The provision of anew 15,000 sqm exhibition hall at the Farnborough International Airshow site that will ensure the sustainability and growth of future airshows as well as provide the area with much-needed conference and seminar facilities
Transport schemes to reduce congestion and improve journey time reliability and network resilience on the A325, A327 and A3011 corridor in Farnborough
Regeneration of Aldershot Town Centre and redevelopment of Aldershot Railway Station
Establishment of a state of the art University Centre at Farnborough College of Technology
Development of a new area of Sustainable Alternative Natural Green Space (SANGS) at Ball Hill Farnborough which will allow future delivery of new homes in the area
The Enterprise M3 Growth Deal, which is now worth £148 million aims to drive economic development by investing in key infrastructure projects to improve connectivity across Hampshire and Surrey. Enterprise M3 estimates that the Deal will bring forward up to 4,000 new homes, create up to 7,000 new jobs, attract up to £410m new public and private sector investment into the area and improve transport links within and between key towns in Surrey and Hampshire.
The Enterprise M3 Growth Deal brings together local, national and private funding focussing on four key priority areas as identified in the LEP’s Strategic Economic Plan:
Supporting enterprise and innovation
Growing the skills base in the region
Accelerating housing delivery
Enhancing urban and rural connectivity
Enterprise M3 will be working with project partners on the details of the schemes and all schemes will be subject to due diligence and contract.
Geoff French, Chair of Enterprise M3 Local Enterprise Partnership, commented: “Today’s announcement of substantial Government funding for Farnborough and Aldershot clearly indicates the importance that both the LEP and Government place on these key towns in the Enterprise M3 area. As a Growth Town, Farnborough already plays a key role in the area’s economy and this new investment will help the town to strengthen its position. Meanwhile today’s announcement of funding to regenerate Aldershot Town Centre will be invaluable for bringing forward new homes and jobs in the town and will go a long way to giving the town the step-up it needs.”
Cllr Peter Moyle, Leader of Rushmoor Borough Council, said: "We welcome this Growth Deal. I'm very pleased that it recognises the importance of Farnborough and Aldershot to both our area’s local economy and the national economy as a whole. Last year, Farnborough was named by the LEP, in its Strategic Economic Plan, as one of four ‘Growth Towns’ that are key to driving economic growth across the Enterprise M3 area and today’s announcement of new investment in the town confirms the economic value that the Government places on successful towns such as ours.
“We welcome the integrated package of improvements for Farnborough, which includes junction improvements on the A325, A327 and A3011, the development of a new University Centre at Farnborough College of Technology and investment in accessible green spaces to accompany new development in both Farnborough and Aldershot. Additionally Government is working with ourselves, Hampshire County Council and Enterprise M3 on the construction of new permanent facilities for the Farnborough International Airshow.
“We also welcome today’s announcement of Government investment to help with the regeneration of Aldershot. Last year, Aldershot was identified by the LEP, in its Strategic Economic Plan as a ‘Step-up Town’, a town of untapped potential which could, with Government investment and support, play a stronger role in our area’s economy. Investment such as this announced today, as well as the £3million of funding from Enterprise M3’s Growing Enterprise Fund that we were awarded last year, will go a long way to helping us regenerate Aldershot and thus create the new jobs and build the new homes that are needed in the town.”
Shaun Ormrod, Chief Executive for Farnborough International commented“Enterprise M3 has long supported our ambition to create world-class exhibition and conference facilities for our airshow customers and for the region. With this Local Growth Fund loan provided by Enterprise M3 we hope to create a real asset that will benefit both the local and regional economies for generations to come.”
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Notes to editors
*The Growth Deal is subject to a satisfactory conclusion of the funding agreement
Local flexibility over Growth Deal programme: Enterprise M3 has demonstrated strong partnership arrangements which deliver collective decisions, has articulated a clear and deliverable vision for growth in the area and has established strong financial monitoring procedures and cross local authority collaboration. As a result Enterprise M3 will be expected to deliver the projects highlighted in the Deal wherever appropriate, but will have flexibility to manage how these projects are delivered to bring the greatest economic benefits to the area. Government will disburse funds to the LEP annually in advance; however the LEP will need to discuss any changes to projects with Government before doing so.
The Growth Deal does not amount to an endorsement of everything in the submitted SEP. All development decisions for specific proposals must go through the normal planning process and be guided by local plans taking into account all material considerations.
Enterprise M3 Local Enterprise Partnership
Enterprise M3 is a business-led Local Enterprise Partnership, one of 39 in England, which is working to secure economic growth at sub-national level. We bring together leaders from the business, public and not-for-profit sectors and provide the vision, knowledge and strategic leadership needed to drive sustainable private sector growth.
Our aim is to create the foundations on which our businesses can flourish. We strive to improve business productivity, increase jobs and maximise the number of businesses operating across Enterprise M3. For more information visit: www.enterprisem3.org.uk
The Enterprise M3 LEP area stretches from the hinterland of London to the New Forest covering mid to north Hampshire and South West Surrey. The LEP area brings together business leaders from 14 district authorities across two counties and has four major interconnected urban centres known as ‘Growth’ towns: Woking, Guildford, Farnborough and Basingstoke and five ‘Step-up’ towns: Staines-upon-Thames, Camberley, Aldershot, Whitehill and Bordon and Andover.
The councils involved in the M3 LEP are:
Hampshire County Council
Surrey County Council
Basingstoke and Deane Borough Council
East Hampshire District Council
Elmbridge Borough Council
Guildford Borough Council
Hart District Council
New Forest District Council
Runnymede Borough Council
Rushmoor Borough Council
Spelthorne Borough Council
Surrey Heath Borough Council
Test Valley Borough Council
Waverley Borough Council
Winchester City Council
Woking Borough Council