A 50-year blueprint to regenerate parts of Manchester and Liverpool has already generated 拢5bn of private investment, 21,000 jobs and 5,000 homes for the region.
That鈥檚 according to an independent review of the first 10 years of Ocean Gateway, the plan by developer Peel Group to deliver 50 projects over 50 years with 拢50bn of investment along the Manchester Ship Canal connecting Manchester with the Port of Liverpool.
The report by the economic and regeneration specialists, AMION Consulting, concludes that 拢5bn of capital investment by The Peel Group and its partners since 2008 has attracted significant complementary private sector funding.
It said there was potential for this additional investment to increase to more than 拢5bn over the next ten years.
Strongly embedded within the Northern Powerhouse, Ocean Gateway is a shared ambition aimed at the re-balancing of the 海角视频 economy.
The project aims to drive economic growth along the strategic corridor encompassing Manchester and Liverpool, with a focus on the regeneration of land and assets fronting the Manchester Ship Canal and the River Mersey.
Signature schemes include MediaCity海角视频, Manchester; TraffordCity; Liverpool Waters; Liverpool2; Wirral Waters; Port Salford and Liverpool John Lennon Airport.
In total, AMION says key projects within the Ocean Gateway generate an annual net additional GVA (Gross Value Added) of more than 拢1bn for the North West economy.
The report adds: 鈥淥ver the next 10 years, based on employment projections, it is estimated that total gross GVA across the Ocean Gateway, will increase to 拢4.5bn per annum (2018 prices).
"This would potentially equate to almost 3 per cent of total GVA across the wider Ocean Gateway area.鈥
In addition to commercial and residential development, Peel continues to promote the delivery of a wide range of environmental schemes within Ocean Gateway.
These include low carbon electricity generating capacity through wind, solar, energy from waste and new infrastructure for energy storage.
Graham Russell, Chief Executive, AMION Consulting, said: 鈥淥ur work has shown the economic benefits of a large scale and long-term strategic approach to investment in the corridor between Manchester and Liverpool.
The Ocean Gateway programme has delivered substantial benefits and is an excellent example of how to use targeted investment to promote economic growth.
"It will help to create and shape the economic future of the Northern Powerhouse for many years to come.鈥
Neil Lees, deputy chairman, The Peel Group, said: 鈥淥cean Gateway is at the heart of what we do 鈥 it aims to maximise the potential of the North West as a globally significant region and a major driver of the economy across the Northern Powerhouse and 海角视频 PLC.
鈥淲e take great pride in our policy of long-term investment and, as the AMION report shows, there is huge future potential for growth in jobs and skills, new homes and low carbon energy.鈥
The following two schemes have already created thousands of jobs and investment for the region;
MediaCity海角视频 - a joint venture between Peel Media and Legal and General Capital
MediaCity海角视频 is the leading international hub for the creative and digital sectors and is home to the BBC, ITV, dock10, Ericsson and the University of Salford.
It also plays host to 300 smaller media and tech businesses.
Located on the banks of the Manchester Ship Canal, more than 7,000 people work, live and study at MediaCity海角视频, and it鈥檚 also become an increasingly popular visitor destination.
Plans for phase two will see MediaCity海角视频 double in size by 2030, including 1,800 new apartments.
- Investment to date: 拢1.4 billion
- Future planned investment: 拢2.1bn
- Jobs to date: 7,000
- Future potential: 10,800
- GVA to date: 拢470m
- GVA future potential: 拢720m
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Liverpool2 - owned by Peel Ports, is the 海角视频鈥檚 second largest ports group.
Peel Ports Group owns and operates six of the 海角视频鈥檚 most important ports, including Liverpool and the Manchester Ship Canal. Headquartered in Liverpool, it employs around 1,600 staff and handles 60 million tonnes of cargo every year.
Liverpool2 is a huge investment, delivering the 海角视频鈥檚 most central deep-sea container terminal and the capability of accommodating the largest vessels in the global fleet at the Port of Liverpool.
- Investment to date: 拢400m
- Future planned investment: 拢450m
- Jobs to date: 3,800
- GVA to date: 拢230m
