Jul 13 2007
Private sector investment reaches more than £1 billion for the first time
English Partnerships attracted more than £1bn of private sector money to its regeneration schemes and self-funded nearly two thirds of its own investment via £376m of programme receipts in 2006/07, according to annual results published today (Tuesday 10 July).
Private sector funding was up 51 per cent over last year and programme receipts increased by 34 per cent compared with 05/06 results. The agency also exceeded its regeneration targets in other key areas, including new homes built and derelict land reclaimed, while simultaneously reducing the financial burden on the public purse.
Overall, English Partnerships exceeded its target investment by £14 million, investing £586m in its programme and exceeded its output targets across all core areas as follows:
- £1.022 billion of private sector investment – 17 per cent above target
- £376 million of programme receipts – up 34 per cent on last year
- 9,403 new homes started on site – 11 per cent above target
- 4,248 new homes completed – 32 per cent above target
- 328 ha of brownfield land reclaimed – 22 per cent above target
- 325,871 sq m of employment workspace – 25 per cent above target
English Partnerships’ Chief Executive, John Walker, said: “These results are good news for regeneration, good news for individual communities and good news for the taxpayer. We have effectively achieved more with less.
“On every hectare of reclaimed land there are new homes, play areas, community and sports facilities, shops and job opportunities. It is important that we relate these statistics to the impact they have had on communities, not just look at the figures.
“I am delighted with our performance and applaud our private sector partners who deserve great credit for matching our investment by a ratio of two to one, helping to bring about even more positive change in communities across the country.”
Highlights of the year included the launch of the English Partnerships’ First Time Buyers’ Initiative in nearly 40 areas, providing low-cost home ownership for up to 1,200 people as part of a £100m funding package; the completion of the first homes, at Oxley Woods in Milton Keynes, resulting from English Partnerships’ Design for Manufacture competition to provide more than 1,000 environmentally sustainable new homes, many for a construction cost of just £60,000; and the launch of the Carbon Challenge, kick-starting the development of zero carbon communities across England and acting as a test-bed for introducing new technologies.
Looking to the future, Mr Walker believes that next year the agency’s investment programme is likely to be increased to more than £620m – with as much as 70 per cent of its funding being generated through its own receipts.
Results are also expected from its Urban Finance Team, working with institutional investors to develop mechanisms for funding local authority programmes using asset-backed vehicles; and in the former coalfields communities, English Partnerships will launch a new initiative to tackle areas of specific need by coordinating the work of existing partners to help address community issues such as unemployment, poor housing and lack of skills.
Mr Walker continued: “Strengthening partnerships and building on our existing relationships will be a high priority in the next 12 months and beyond with the advent of Communities England. Our industry has moved rapidly. Where once we looked at building houses, we now look at building communities and all that this entails.
“Minimising waste, recycling water, reducing our carbon footprint and even encouraging ‘low carbon lifestyles’, have become our challenges too. We will continue to raise the bar on our design and environmental standards and have confidence that our partners will also continue to meet our targets, particularly with the arrival of the new Code for Sustainable Homes.”