Press Releases
Riverside Inverclyde secures £3 million funding from Scottish Government
Local Urban Regeneration Company (URC) Riverside Inverclyde (ri) has secured a further £3 million early action funding for 2007-08 from the Scottish Government.
The Scottish Government funding will complement investment from Riverside Inverclyde partners' Inverclyde Council and Scottish Enterprise Renfrewshire, and allow a number of key projects to be progressed within the year.
Priority projects that the £3 million early action funding will contribute to include early action works at Victoria and East India Harbours; wind and watertight works at the Grade A listed Sugar Warehouse and site investigation work at James Watt Dock; and the development of much needed, quality and fit-for-purpose business accommodation in Inverclyde. The early action funding will also assist Riverside Inverclyde to look at acquiring key regeneration sites in Inverclyde.
Victoria and East India Harbours: Plans for Victoria and East India Harbours, driven by a £45m partnership between Riverside Inverclyde, Inverclyde Council and Clyde Port, include the creation of new facilities including housing, a marina development, commercial areas and restaurants. High quality public areas will be created including a new riverside walkway and additional green spaces around, and leading up to, East India Harbour.
The Scottish Government's contribution to enable the remediation of an area of quay walls at East India Harbour is an important first step in advancing the wider regeneration of the Harbours. It is envisaged that any future projects building on from repairs to the quay walls will significantly boost employment and tourism for Inverclyde.
James Watt Dock: Over the next 8 - 10 years, Riverside Inverclyde, in conjunction with Clyde Port, will redevelop James Watt Dock to create a major mix used development to include residential, leisure, marina, commercial and retail development.
As part of the first stage of plans, the Scottish Government early action funding will enable Riverside Inverclyde and Clydeport to undertake a series of works to render wind
and watertight the Grade A listed Sugar Warehouse. The funding will also enable site investigations to be carried out in order to ensure the location's full development can be achieved.
Crucially, this investment will be a catalyst not only for the redevelopment of a key iconic building in Greenock, that has for decades lain derelict, but will also act as a stimulus for the major redevelopment of the wider area.
Riverside Business Park: Adjacent to the A8 on the western edge of Greenock, Riverside Inverclyde will develop a 7.16 acre site to provide much needed modern office accommodation in Inverclyde, the first phase consisting of 2,340 sq m over two storeys.
The Scottish Government early action funding will support early development appraisal and detailed design work associated with delivering the business park. In addition to providing much needed office accommodation, the project will attract investment and encourage indigenous company growth, and also address the barriers to entry for private sector development associated with the site.
Site acquisitions: Riverside Inverclyde is looking to acquire a number of key regeneration sites in Inverclyde to accelerate social and economic development. This is in line with ri's commitment to:
• turn disadvantaged neighbourhoods into places where people are proud to live; to turn places that have been left behind into places connected with the opportunities around them; and to build mixed and vibrant communities that sustain themselves; and
• take further action to maximise the regeneration potential of public sector land and assets and use them more strategically, and “Look at new mechanisms for realising increases in land values arising from public sector investment in development”.
Minister for Communities and Sport, Stewart Maxwell, said: “I'm extremely pleased to be able to release this significant funding boost to Riverside Inverclyde URC, which will enable it to deliver projects that will contribute to the lasting regeneration of Inverclyde.”
Alf Young, Chairman, Riverside Inverclyde commented: “We appreciate the additional £3m of Scottish Government funding. This is an endorsement of the Scottish Government's commitment to Riverside Inverclyde. The people and businesses of Inverclyde can take heart.”
Bill Nicol, Chief Executive, Riverside Inverclyde said: “Operationally, I am delighted that the Scottish Government has provided much needed early action funding. This will allow the ri team and Partner organisations to accelerate activity contained within the Business Plan. The Board of ri has endorsed and approved a significant number of key projects, funding will now ensure that these will soon be visible on the ground, which is great news for Inverclyde.” 25 October 2007