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NEWS RELEASE FROM SEEDA - THE SOUTH EAST ENGLAND DEVELOPMENT AGENCY
4 July 2007
SEEDA MAKES BRIGHTON AND HOVE DIAMOND SPARKLE WITH £23M INVESTMENT
The South East England Development Agency (SEEDA) has today announced major investments of £23million to accelerate substantial redevelopment projects throughout Brighton and Hove - the heart of a key 'Diamond for Investment and Growth' - with potential for economic benefit all along the South Coast.
This significant investment from SEEDA will play an integral role in the transformation of the City's Convention Centre into a world class venue as part of a major retail development, and will provide funding for the transport infrastructure necessary to enable the Community Stadium in East Brighton to be built, should it be granted planning permission by the Secretary of State for Communities and Local Government.
The Regional Economic Strategy (RES) for the South East 2006-2016 has identified Brighton and Hove as a crucial location which has the potential to act as a catalyst to stimulate greater economic and social prosperity across wider areas; offering scope for other areas to benefit from sustainable growth based on targeted investment in their own infrastructures. The Coastal South East is also recognised as an area of 'untapped economic potential', and SEEDA, working collaboratively with a wide range of partners, is looking at innovative and imaginative ways to release this potential for growth.
Pam Alexander, SEEDA's Chief Executive explained: "Brighton and Hove is widely heralded as one of the key urban areas in the South East and our funding demonstrates our long-term commitment to investing in its future prosperity. A thriving and vibrant Brighton and Hove is central to our vision of a region synonymous with world-class business excellence and economic prosperity for all; yet embracing a sustainable and impressive quality of life.
"One of SEEDA's key objectives within the RES is to release the enterprise potential of the creative industries, leisure facilities and the visitor economy on the Coastal South East. These factors are all prevalent in Brighton and Hove and were a major influence in designating the City as one of eight 'Diamonds for Investment and Growth' in the RES.
"This significant investment which we are making with Brighton and Hove City Council in the new retail development will help the City to re-establish itself as one of the leading convention centre destinations both in the UK and in Europe, providing a major boost for the local economy, attracting both business and leisure travellers.
"Our support for the Community Stadium in East Brighton, subject to planning decisions, will not only have significant benefits for the local community in terms of infrastructure but will also help to open up other opportunities for investment which will themselves generate further jobs in an area of serious disadvantage, and a gateway to Brighton and Hove. The Brighton & Hove Economic Partnership has been instrumental in bringing together support for these projects across the City."
The investments will also assist the development of the higher education and research cluster along the City's 'Academic Corridor' - improving transport links between the universities and the City centre.
The existing Brighton Centre is 30 years old and as the meetings industry under-goes significant changes so too must the building if it is to remain successful. The proposed new £100 million Convention Centre, which will be designed to the highest architectural quality and standards of sustainability, will primarily be used for conferences for up to 1,500 delegates and will offer increased exhibition space and banqueting facilities.
Brighton and Hove City Council is working closely with Standard Life Investment, which owns the adjacent Churchill Square Shopping Centre. The preferred way forward is to incorporate the new Brighton Convention Centre into a much larger retail scheme and create a prestigious four star hotel which will release significant value to support the Centre and is expected to create a significant number of new jobs. The investment is subject to approval by the Department of Trade and Industry and SEEDA will be working with partners to agree the full funding package in support of the long-term benefits of this development.
Welcoming SEEDA's funding announcement, Brighton & Hove City Council Leader, Cllr Brian Oxley said: "It is fantastic news that SEEDA has made this decision and endorses the excellent work that our team has been doing to progress our vision for the Brighton Centre as a major part of the City's economic future. We look forward to the decision of the Department of Industry to confirm SEEDA's approach."
The Chairman of the City Council's Major Projects sub committee, Cllr Garry Peltzer Dunn, added: "This is a massive vote of confidence by SEEDA in the future of Brighton & Hove and reinforces the council's determination to ensure that the City remains in the forefront of the leisure and conference industry not only in the United Kingdom, but worldwide."
Danny McHugh, Investment Director at Standard Life Investments, commented: "SEEDA's support and involvement will assist in the aim to realise a challenging and exciting project. The potential to combine a new Brighton Centre with an expansion of Churchill Square and the introduction of a further mix of uses in such a prominent site presents a fantastic opportunity."
Tony Mernagh, Chief Executive of Brighton & Hove Economic Partnership, added: "These schemes could not have got this far without the assistance of SEEDA. This is another example of excellent partnership working."
- Ends -
Notes for editors
1. The South East England Development Agency (SEEDA) is the Government funded Agency responsible for the sustainable economic development and regeneration of the South East of England - the driving force of the UK's economy. Our aim is to create a prosperous, dynamic and inspirational region by helping businesses compete more effectively, training a highly skilled workforce, supporting and enabling our communities while safeguarding our natural resources and cherishing our rich cultural heritage.
2. The SEEDA Regional Economic Strategy (RES) for South East England 2006-2016: a world class region achieving sustainable prosperity.
The RES has three headline targets. Progress towards all three of these will provide evidence of overall progress against the vision:
Global Competitiveness: Achieving an average annual increase in GVA (Gross Value Added) per capita of at least 3%.
Smart Growth: Increasing productivity per worker by an average 2.4% annually, from £39,000 in 2005 to at least £50,000 by 2016 (in constant prices).
Sustainable Prosperity: Reducing the rate of increase in the region's ecological footprint (from 6.3 global hectares per capita in 2003, currently increasing at 1.1% per capita per annum), stabilizing it and seek to reduce it by 2016.
3. SEEDA's investment package for Brighton and Hove comprises up to £18m for the new Brighton Centre and £5.3m for the Community Stadium.
For further press information please contact:
Andy Smith FRGS FCIJ
Head of Media & Public Affairs
South East England Development Agency
SEEDA HQ
Cross Lanes
Guildford GU1 1YA
NEWS RELEASE FROM SEEDA - THE SOUTH EAST ENGLAND DEVELOPMENT AGENCY
4 July 2007
SEEDA MAKES BRIGHTON AND HOVE DIAMOND SPARKLE WITH £23M INVESTMENT
The South East England Development Agency (SEEDA) has today announced major investments of £23million to accelerate substantial redevelopment projects throughout Brighton and Hove - the heart of a key 'Diamond for Investment and Growth' - with potential for economic benefit all along the South Coast.
This significant investment from SEEDA will play an integral role in the transformation of the City's Convention Centre into a world class venue as part of a major retail development, and will provide funding for the transport infrastructure necessary to enable the Community Stadium in East Brighton to be built, should it be granted planning permission by the Secretary of State for Communities and Local Government.
The Regional Economic Strategy (RES) for the South East 2006-2016 has identified Brighton and Hove as a crucial location which has the potential to act as a catalyst to stimulate greater economic and social prosperity across wider areas; offering scope for other areas to benefit from sustainable growth based on targeted investment in their own infrastructures. The Coastal South East is also recognised as an area of 'untapped economic potential', and SEEDA, working collaboratively with a wide range of partners, is looking at innovative and imaginative ways to release this potential for growth.
Pam Alexander, SEEDA's Chief Executive explained: "Brighton and Hove is widely heralded as one of the key urban areas in the South East and our funding demonstrates our long-term commitment to investing in its future prosperity. A thriving and vibrant Brighton and Hove is central to our vision of a region synonymous with world-class business excellence and economic prosperity for all; yet embracing a sustainable and impressive quality of life.
"One of SEEDA's key objectives within the RES is to release the enterprise potential of the creative industries, leisure facilities and the visitor economy on the Coastal South East. These factors are all prevalent in Brighton and Hove and were a major influence in designating the City as one of eight 'Diamonds for Investment and Growth' in the RES.
"This significant investment which we are making with Brighton and Hove City Council in the new retail development will help the City to re-establish itself as one of the leading convention centre destinations both in the UK and in Europe, providing a major boost for the local economy, attracting both business and leisure travellers.
"Our support for the Community Stadium in East Brighton, subject to planning decisions, will not only have significant benefits for the local community in terms of infrastructure but will also help to open up other opportunities for investment which will themselves generate further jobs in an area of serious disadvantage, and a gateway to Brighton and Hove. The Brighton & Hove Economic Partnership has been instrumental in bringing together support for these projects across the City."
The investments will also assist the development of the higher education and research cluster along the City's 'Academic Corridor' - improving transport links between the universities and the City centre.
The existing Brighton Centre is 30 years old and as the meetings industry under-goes significant changes so too must the building if it is to remain successful. The proposed new £100 million Convention Centre, which will be designed to the highest architectural quality and standards of sustainability, will primarily be used for conferences for up to 1,500 delegates and will offer increased exhibition space and banqueting facilities.
Brighton and Hove City Council is working closely with Standard Life Investment, which owns the adjacent Churchill Square Shopping Centre. The preferred way forward is to incorporate the new Brighton Convention Centre into a much larger retail scheme and create a prestigious four star hotel which will release significant value to support the Centre and is expected to create a significant number of new jobs. The investment is subject to approval by the Department of Trade and Industry and SEEDA will be working with partners to agree the full funding package in support of the long-term benefits of this development.
Welcoming SEEDA's funding announcement, Brighton & Hove City Council Leader, Cllr Brian Oxley said: "It is fantastic news that SEEDA has made this decision and endorses the excellent work that our team has been doing to progress our vision for the Brighton Centre as a major part of the City's economic future. We look forward to the decision of the Department of Industry to confirm SEEDA's approach."
The Chairman of the City Council's Major Projects sub committee, Cllr Garry Peltzer Dunn, added: "This is a massive vote of confidence by SEEDA in the future of Brighton & Hove and reinforces the council's determination to ensure that the City remains in the forefront of the leisure and conference industry not only in the United Kingdom, but worldwide."
Danny McHugh, Investment Director at Standard Life Investments, commented: "SEEDA's support and involvement will assist in the aim to realise a challenging and exciting project. The potential to combine a new Brighton Centre with an expansion of Churchill Square and the introduction of a further mix of uses in such a prominent site presents a fantastic opportunity."
Tony Mernagh, Chief Executive of Brighton & Hove Economic Partnership, added: "These schemes could not have got this far without the assistance of SEEDA. This is another example of excellent partnership working."
- Ends -
Notes for editors
1. The South East England Development Agency (SEEDA) is the Government funded Agency responsible for the sustainable economic development and regeneration of the South East of England - the driving force of the UK's economy. Our aim is to create a prosperous, dynamic and inspirational region by helping businesses compete more effectively, training a highly skilled workforce, supporting and enabling our communities while safeguarding our natural resources and cherishing our rich cultural heritage.
2. The SEEDA Regional Economic Strategy (RES) for South East England 2006-2016: a world class region achieving sustainable prosperity.
The RES has three headline targets. Progress towards all three of these will provide evidence of overall progress against the vision:
Global Competitiveness: Achieving an average annual increase in GVA (Gross Value Added) per capita of at least 3%.
Smart Growth: Increasing productivity per worker by an average 2.4% annually, from £39,000 in 2005 to at least £50,000 by 2016 (in constant prices).
Sustainable Prosperity: Reducing the rate of increase in the region's ecological footprint (from 6.3 global hectares per capita in 2003, currently increasing at 1.1% per capita per annum), stabilizing it and seek to reduce it by 2016.
3. SEEDA's investment package for Brighton and Hove comprises up to £18m for the new Brighton Centre and £5.3m for the Community Stadium.
For further press information please contact:
Andy Smith FRGS FCIJ
Head of Media & Public Affairs
South East England Development Agency
SEEDA HQ
Cross Lanes
Guildford GU1 1YA
