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 £115m 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 underway 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 underway 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.
A summary of each project is provided below. Further prioritised projects and programmes are expected to be announced in due course.
Stubbington Bypass: This scheme has an estimated value of £34m for the establishment of a new strategic bypass seeks to build on initial LEP investments through the Growth Deal at St Margarets roundabout, A27 / Gudge Heath Lane roundabout and New Gate Lane to further improve connectivity on the Fareham / Gosport peninsular. The peninsular is home to the Solent Enterprise Zone site which has already seen considerable development and, as the site is developed further, additional connectivity improvements are seen as critical for enabling growth at the strategic site.
Centenary Quay Phase 4: This development will unlock an estimated £72m investment. Delivered by Crest Nicholson, the fourth phase of the Centenary Quay development will bring forward 350 new homes, providing a significant boost to addressing the demand for housing in the Solent. Further phases of investment will be unlocked following completion of phase 4.
BAE Systems Marine Engineering Workshop: The £9m centre represents the next phase of LEP investment in 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 yeara, as well as the new centres at Eastleigh College and Isle of Wight College currently under construction. The advanced training facility for higher level skills, including level 4 apprenticeships in engineering, in Portsmouth will support by the arrival of the new QE class carriers to the city through a strong local skills base.
Further information in relation to all projects can be found in the published business cases available at:http://solentlep.org.uk/blog/local_growth_deal_business_cases