Clyde's regeneration maintains momentum

20 Jul 2009

Over £2 billion of committed public and private investment in major regeneration projects over the next three years will continue the transformation of the Clyde Waterfront so that when the economic upturn comes, it will be top of the list for private sector investors and businesses.

That's the bold prediction of Clyde Waterfront, the strategic partnership set up to co-ordinate the on-going regeneration of both banks of the river, along a thirteen mile stretch from Glasgow Green to Dumbarton.

The Clyde Waterfront's Strategic Partnership is confident that, unlike some other major regeneration projects across Europe which have slowed in the current recession, public and private investment along the Clyde over the next three years will maintain momentum and create an ideal climate for more private enterprise and investment to follow, post recession.

This positive outlook is re-inforced by the findings of a new in-depth economic analysis, conducted for the Clyde Waterfront Strategic Partnership by GEN.

The study concludes that, five years in to a 25 year programme, the Clyde waterfront economy has strengthened and diversified significantly. In particular, the report confirms that, since 2003

  • Almost 17,000 new jobs have been created along the Clyde waterfront
  • Over 2.8 million sq ft of commercial and business space has been developed
  • Nearly 6,000 residential homes have been completed
  • The level of derelict land in the area has fallen by 79 hectares
  • Total investment to date amounts to £1.46 billion, of which £1.1 billion (75%) is from the private sector.

These headline figures have been calculated from over 70 separate regeneration projects including;

  • The development of the International Financial Services District (IFSD)
  • Social Housing e.g. Waterside St. in the Gorbals
  • The Clyde Arc Bridge between SECC and Pacific Quay
  • BBC Scotland and STV relocations and establishment of the Digital Media Quarter at Pacific Quay
  • Glasgow Harbour Phase 1 & 2 apartments
  • Xscape leisure complex and Clyde View Park, Renfrew
  • The new Clydebank College and Titan Crane visitor attraction

Now, the public sector partners behind the Clyde Waterfront regeneration programme have calculated that a number of publicly funded infrastructure projects and private sector investments guarantee over £2 billion of economic activity along the Clyde over the next three years.

In terms of public sector infrastructure, this includes the new Broomielaw / Tradeston "Squiggly" Bridge, quaysides and public realm, a new SECC National Arena, the M74 extension, the Riverside Museum, Partick Interchange, the re-development of the Southern General Hospital, north Renfrewshire flood prevention and Dumbarton town centre redevelopment.

Planned private sector investment includes the completion of several large office developments and the Jumeirah Hotel in the International Financial Services District, the third phase at Glasgow Harbour, Ferry Village in Renfrewshire and the Lomondgate development in West Dunbartonshire.

Clyde Waterfront is the public sector partnership established in 2003 to support the River Clyde's revitalisation as a world class waterfront location, through a projected £5-6 billion of public and private investment in economic, social and environmental regeneration projects, over the next 20 years.

The strategic partners behind Clyde Waterfront are the Scottish Government, Glasgow City Council, Renfrewshire Council, West Dunbartonshire Council and Scottish Enterprise. The project has been accorded National Priority status and is a key driver of Scotland's economic development in the 21st century.

Councillor Steven Purcell, leader, Glasgow City Council and chair of the Clyde Waterfront Strategic Partnership said, "It's vitally important that we remain focused on maintaining momentum during these economically challenging times. We will continue to work hard to ensure that communities along the river see real benefits from the opportunities on offer."

Scottish Government Minister for Housing and Communities Alex Neil MSP said "The rebirth of the Clyde Waterfront is a golden example of public and private sectors working together to transform the fortunes of a community.

"We want to replicate this success right across Scotland and, over three years, we are investing £654 million in a range of ambitious regeneration projects which will revive Scottish towns, cities and communities.

"We've also brought forward £100 million of our planned housing investment to respond quickly to the changing economic circumstances and support these worthy regeneration projects through current challenging times."

Liz Connolly, West Region Director of Operations, Scottish Enterprise said, "Compared to most other parts of the UK, we are fortunate to have a large number of publicly funded infrastructure projects along the river that will not only help us maintain momentum in the short term but also create the most attractive environment to attract further private investment in the future. We are confident that what is being created along both banks of the Clyde will present a very attractive proposition for developers and investors, when the market recovers."


Further Information
Plans to transform the environment, local communities, transport infrastructure and economy along 13 miles of the river from Glasgow to Dumbarton make Clyde Waterfront the largest project of its kind in Scotland.

The £5-6 billion of planned public and private sector investment, which is projected over a 25 year period, has the potential to deliver

  • 50,000 gross new jobs 
  • 24,000 new homes
  • 900,000m2 of office, retail, industrial and leisure space

Currently, the Clyde Waterfront regeneration plan has a diverse range of over 200 commercial, housing, retail, leisure and transport projects, all at different stages of development (appx. one third in planning; one third under construction and one third completed.)

These include many new private sector offices, retail/leisure premises and housing projects under construction in the City Centre/IFSD, at the Digital Media Quarter/Pacific Quay, Glasgow Harbour, Renfrew Riverside and Dumbarton. These developments are complemented by major public projects such as the £445m M74 extension, new £125m SECC National Arena, £74m Riverside Museum, the £13m Partick Interchange and the £842m expansion of the Southern General Hospital.


 

  • Aerial view of the Broomielaw at IFSD

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