Solent: LEP identifies local growth opportunities
The Solent Local Enterprise Partnership has announced Stubbington bypass, BAE Systems Marine Engineering Workshop and the next phase of development at Centenary Quay in Southampton as the projects prioritised for investment to drive growth in the area. The combined value of the three projects would be £115 million and the Solent LEP is now working with central government and local partners to agree a £43m funding package for the delivery of these transformational schemes.
The proposals seek to build on investment already under way through the £151.9m Solent Growth Deal which will unlock a further £400m public and private sector investment across the area, create 6,000 new jobs and enable 11,000 new homes to be built.
Gary Jeffries, Solent LEP Chairman, said: "Through the Solent Growth Deal, we have invested more than £40m across the area in 2015 and work is already under way to invest a further £44m in 2016 to stimulate further growth. We are delighted to be able to build on this momentum by prioritising these critical projects."
The Stubbington bypass scheme has an estimated value of £34m for the establishment of a new strategic bypass to further improve connectivity on the Fareham / Gosport peninsular, home to the Solent Enterprise Zone site which has already seen considerable development.
The Centenary Quay Phase 4 development will unlock an estimated £72m investment. Delivered by Crest Nicholson, it will bring forward 350 new homes.
The BAE Systems Marine Engineering Workshop is a £9m centre aimed at further developing a world-class skills base in the Solent. The project will build on the success of the CEMAST centre on the Solent Enterprise Zone, already home to more than 900 learners per year, as well as the new centres at Eastleigh College and Isle of Wight College currently under construction.
