Posts tagged capital investment
Plans to deliver a £17 million multi-use leisure centre for Queens Park residents in London have been given the go-ahead by Westminster City Council.
The scheme, which has cross value of £60 million, will see the building of 120 new homes developed by Regen on two sites within 0.6 miles of each other.
The new sport centre will be located on the existing Moberly site will be developed at no cost to the taxpayer. It will be funded by a private developer, Willmott Dixon, in exchange for building residential properties on both sites.
The Council is expected to benefit from uplift in sales values of the homes during construction which will create new jobs and boost the trades industry.
This type of land arrangement is set to become more widespread as councils look for innovative funding methods from private sector developers to unlock value and increase funds to build new facilities.
Westminster councillor and a deputy cabinet member for sport and the Olympics, Steve Summers, said: “Few councils are in the position of being able to build multi-million new sports facilities in the current financial climate.
“But together with Willmott Dixon, we look forward to working on proposals which will create a £17m sports centre for residents of Queen’s Park together with a smaller sports facility at the Jubilee site. This will all be done at absolutely no cost to the taxpayer, so represents incredible value for money.”
The new leisure facility will have a 25-metre swimming pool, eight court sports hall, health and fitness facility, exercise studios, a health spa plus boxing and gymnastics halls.
Andrew Telfer, CEO at Regen, said: “I am delighted to be working with Westminster City Council on this exciting and ground-breaking scheme.
“With both current leisure centres in need of modernisation, this solution provides a bigger, state-of-the-art property for the local community offering high quality sporting facilities for many generations to come along with much needed quality new homes.”
Yorkshire Building Society has announced plans to increase lending in social housing by £200 million each year which will boost the trades and create new jobs.
The building society made the decision to increase lending to housing associations up and down the country for the next five years, paving the way for new employment opportunities in the construction sector.
The society, which won several mandates in 2012 including a £12 million deal to upgrade environmental and heating facilities for 1,800 properties on the Byker estate in Newcastle, has also taken part in a £14.5m ‘Lending for Leasing’ facility for four new clients.
Head of social housing at Yorkshire Building Society, John Inglesfield, said: “We continue to see a stable and well-managed sector notwithstanding recent changes to the grant and benefit systems.
“As a mutual with the objective of helping our customers into homes, we feel comfortable with working with not for profit housing organisations which also aim to provide the housing people want and need.
“This increased allocation will provide the sector with access to lines of term credit to complement other sources of finance. We hope to work with new customers large and small in lot sizes from £5m to £50m.”
What is your reaction to the increase in social housing investment by the Yorkshire Building Society set to bring economic boost and help the trades? Share your thoughts by commenting here or raising your voice on our Facebook and Twitter pages.
The Business Secretary, Vince Cable, has confirmed plans to create government backed ‘business bank’ which will help companies to invest and create new trade jobs.
Vince Cable’s new institution includes a series of collaborative strategies between businesses and government that are forecast to advance manufacturing and boost the trade industry.
Cable outlined his plans, committing to a long term, strategic partnership that will give businesses clarity about where the Government will be concentrating its efforts.
Speaking at Imperial College, London, Business Secretary Vince Cable said: “Our first part of that plan is lifting the barrier that poor access to finance puts on growth. By helping firms to invest capital, businesses expand, and create jobs.
“But I am also setting out a clear and ambitious vision, a commitment far beyond the usual political timescale that will continue to bear fruit decades later.
“It will give our businesses certainty, allow them to make their own plans, and know that the full weight of Government is behind them. We will work in a strategic partnership with industry, focusing our support on specific sectors. This is our commitment to growth in action.”
The speech sets out a number of other actions including:
- Creating a new institution to help companies invest in capital and drive their expansion. The scale and modus operandi of the institution are still under discussion, but it could operate through alternative providers such as the new challenger banks and non-bank lenders. Not only would this boost their lending capacity, but would also corral existing provision such as co-investment and guarantees to support business expansion.
- Developing a series of collaborative but challenging sector strategies in advanced manufacturing, knowledge-intensive traded industries, and the enabling industries. This will include building strategic partnerships with industries and targeting support for them to help realise their substantial growth prospects.
- The Business Secretary announced that 34 bids had been successful in the first round of the Employer Ownership pilot scheme securing £67 million of public funding and generating £98 million in private investment, making sure that employers can access exactly the sort of skills they need. Ensuring our world class skills policy is linked closely to the industrial strategy, in order that industry gets the skills they need to continue growing. This objective underpins the employer ownership pilot scheme where employers have been putting together radical plans to develop their own training programme.
- Accelerating the journey from pure academic research to a commercial product being brought to market to help boost ground-breaking technologies of the future. The Government has already made £180 million available to support the commercialisation of innovations in the life sciences sector and building on this new approach, there will now be a new Innovation and Knowledge centre in Synthetic biology to explore the opportunities this sector presents.
- Recognising Government’s role as a customer and developing a more intelligent partnership with its own supply chain by reforming procurement to make sure that businesses have confidence to take long-term investment decisions.
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The Scottish Government is going to invest more than £2 billion in a new energy efficiency scheme that will insulate thousands of new homes across Scotland and create new jobs for people in the trades.
The new investment will be delivered over the next ten years in a national programme that will transform aging houses, reduce heating costs and improve energy efficiency in Scottish homes.
Commenting on the £2 billion programme, Cabinet Secretary for Infrastructure and Capital Investment, Alex Neil explained it is essential to put such measures in place in order to improve the energy efficiency of homes across Scotland. He also emphasised the importance of the project for the creation of new jobs and future economic recovery.
Mr Neil said: “These strategies provide a great opportunity for Scottish businesses and can provide a real boost to our economy. Working with the energy companies, we plan to ensure investment of over £2 billion pounds is provided over the next ten years to ensure our housing stock is energy efficient.
“New technologies, which would bring down carbon emissions as well as household fuel bills, are key to energy efficient homes and a vital element in economic recovery.
“The drive to transform new-build through innovative design and construction approaches creates economic and export opportunities for Scottish companies, along with an opportunity to make greater use of Scottish timber in innovative products.”
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The Chancellor George Osborne has been urged by business leaders to allocate more investment on capital projects rather than on the current expenditure which will give boost to the construction industry and encourage economic growth.
Improved access to government funds, cutting red tape for businesses and giving greater investment to infrastructure projects are the key demands by business leaders. The call comes ahead of the Chancellor’s budget statement next month which is expected to make significant announcements for creating new jobs and boosting the national economy.
The Construction Products Association (CPA) has urged the Chancellor to cut VAT for domestic projects that will improve energy efficiency for thousands of homes across the UK.
Chief Executive at CPA, Michael Ankers, said that the Chancellor needs to allocate in the budget more capital spending for housing and infrastructure projects because it will give confidence to businesses and provide sustainable investment for growth.
Mr Ankers said: “The 2012 Budget provides the Chancellor with the opportunity to introduce a package of measures to stimulate the economy and deliver growth. This should include a further rebalancing of public spending away from current expenditure and into capital investment, as this will not only generate economic activity and employment but will increase long term productivity as a result of improving the infrastructure of this country.”
What would your suggestions be to the Chancellor Osborne to help businesses across the UK? Is capital investment the best way to create jobs and sustainable development for growth? Share your thoughts by leaving a comment below: