Quays revamp secures funding
A project to regenerate Bath city centre has secured a £150 million investment from the private sector.
Bath and North East Somerset Council revealed that Legal and General will invest in its Bath Quays project. The finance firm is said to be investing £2 billion in urban regeneration and energy projects in the UK over the next five years.
It is hoped that in Bath, the regeneration project will reverse a decades-long failure to develop new office space and lead to 2,400 jobs. At least £30 million of public money will be pumped into the project.
Banes council leader Tim Warren said: “It just shows the confidence they have in the city. It’s a difficult time, there are a few things going on that are out of our control. To have that confidence in Bath and North East Somerset is fantastic.”
It is hoped new office space will stem the flow of firms that outgrow Bath’s limited property market.
Mr Warren said: “We have a lot of successful businesses that just can’t grow on, so perhaps we lose them to Bristol, London or somewhere else. I’m glad my colleagues have backed me and the officers.
“It’s going to be beautiful part of the city that is currently run down. It’s going to be stunning. It’s going to be a great place to be. It futureproofs us and proves Bath is a place to be.”
Analysis shows the city lost 200,000 sq ft of office space in the decade to 2016/17, at a time when Government policies made it easier for premises to be converted into housing.
Councillor Paul Myers, the cabinet member for economic and community regeneration, said Bath
is at a turning point and needs to ensure it has a broad, mixed economy that does not just rely on tourism. Bath Quays is key to ensuring economic growth, he said. It is being aimed at the high tech, creative, financial and professional sectors.
Work is underway on Bath Quays South, which comprises the old Newark Works site and surrounding area south of the river. It will create 45,000 sq ft of office space over five open-plan floors.
Banes Council last year secured outline planning permission for Bath Quays North, which will deliver around 240,000 sq ft of office space, plus 70 to 270 homes and up to 130 hotel bedrooms. The 639-space Avon Street car park, worth £1.7million to the authority, will be demolished to make way for the development. The new premises will have between 430 and 495 car parking spaces, 320 of which will be for public use.
Work will begin this spring on a new bridge linking Bath Quays North and South.
Programme director Simon Martin said: “We recognise the need to invest, which is why we’re working with Government, the private sector and private sector partners to boost our economy and jobs, to accelerate housing delivery and reimagine the city centre, to diversify our successful tourism and retail sectors to deliver a vibrant economy. It’s a statement that Bath is open for business, to business.”
He said the project had also been backed by TCN, Homes England and the Environment Agency.
The project is being backed by the public sector to the tune of £32.7million, made up of £30.8m of Local Growth Funding for Bath Quays North and £23.88m from the Local Enterprise Partnership’s economic development fund. There is also a further Local Growth Fund cash the Bath Quays Bridge.
West of England Combined Authority mayor Tim Bowles said: “Our investment in Bath Quays will make a real difference to our residents’ lives, boosting business, skills and job opportunities.”
Rachel Dickie, head of urban regeneration at Legal and General, said: “Our investment partnerships in cities such as Cardiff and Newcastle are already delivering at pace, and we believe our plans for Bath Quays North will have a significant positive impact.”