£34million Public Works Loan Board loan secured for the regeneration of Addlestone Town Centre
It has been announced that Runnymede Borough Council has secured a £34m loan from the Public Works Loan Board to help finance the regeneration of Addlestone Town Centre.
This announcement was made as part of the Government announcement on 29 January that Enterprise M3 has been awarded a further £29.9million of funding from its Local Growth Fund and £42million in loans from the Public Works Loan Board (at the PWLB Project Rate - i.e. a 0.4% discount on standard PWLB rates). This is in addition to the £118m of funding which was announced in July 2014.
The loan, which was secured for Runnymede Borough Council through Enterprise M3 Local Enterprise Partnership, will be used to support the regeneration of Addlestone Town Centre which will include over 200 new homes, a six screen cinema and new shopping opportunities. The town centre regeneration project will create 200 new permanent jobs.
Geoff French, Chair of Enterprise M3 Local Enterprise Partnership, commented: “This announcement of the £34million loan for Runnymede Borough Council to fund the regeneration of Addlestone Town Centre is excellent news for the town and the wider Enterprise M3 economy. This project 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.
“Enterprise M3 has been very pleased to support Runnymede Borough Council in its application for a loan from the Public Works Loan Board and we look forward to an ongoing working relationship with the Council as the Addlestone regeneration project progresses.”
Councillor Pat Roberts, Leader of Runnymede Borough Council, said:
“The Council is delighted to receive Government support through our M3 Local Enterprise Partnership. The Addlestone ONE project is a good example of how Runnymede Borough Council are creating a new Town Centre, together with over 200 new permanent jobs and 213 apartments, whilst generating substantial new income for the Council. Work will commence on site in March this year and we welcome visitors to the new six screen cinema, hotel, high-end supermarket and a range of food and beverage and retail units during 2017.”
Enterprise M3’s Growth Deal
In addition to the announcement of the PWLB loan, the Government has announced £29.9m of Local Growth Fund funding which will be used to support 13 infrastructure projects across the Enterprise M3 area. The Enterprise M3 Growth Deal, which is now worth £148million, 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 projects that have been awarded funding are:
The provision of a new exhibition hall at the Farnborough International Airshow site
Transport scheme 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
Transport scheme to enhance the capacity of Brighton Hill Roundabout in Basingstoke
The establishment of the Whitehill & Bordon Business and Enterprise Centre
A package of transport improvements along the A30 which will improve accessibility to Camberley Town Centre
The development 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
Capacity improvements to the Lower Thames Flood Defence scheme
An Enterprise M3 area-wide project to support the development of a Woodfuel Hub Network
A pilot scheme for rural areas in East Hampshire which aims to increase housing and quality employment space supply in the area
The establishment of an Innovation and Enterprise Centre, focussed on animal health, at the Pirbright Institute
The development of a second access road to the Slyfield Industrial Estate on the eastern side, off Clay Lane
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.
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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.
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 Enterprise 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