Newport’s regeneration plans were given a major boost today (19 March 2013) as the Welsh Government and Newport City Council have confirmed further funding for urban regeneration company, Newport Unlimited.
The sum of £606,000 will unlock capital funding of up to £3.5m that will enable the company to continue to deliver an extensive regeneration programme, with the focus on work to improve the city centre. Capital receipts generated by successful Newport Unlimited projects will be recycled back into the regeneration programme to facilitate these additional development projects.
The funding will also help Newport Unlimited and Newport City Council to develop a new approach to economic development and regeneration that will allow the city to capitalise on the successes achieved by Newport Unlimited to date.
Over the next year, Newport Unlimited’s priority will be the city centre, as the £100 million Friars Walk retail and leisure development starts to take shape. The 36,230 sq m scheme will include a 26,000 sq ft Cineworld complex, 35 retail units, 10 restaurants, 360 space parking and a new bus station.
In addition, a number of complementary capital projects will also help transform the city, including a £38.8 million redevelopment of the final 10 acres of Old Town Dock with a residential-led mixed-use scheme.
Newport Unlimited will also be working with its partner organisations, including the private sector and the University of Wales, Newport, to attract businesses to relocate and set up in the city centre.
Bill Mayne, chairman of Newport Unlimited, said: “It is great news that the Welsh Government and Newport City Council have confirmed funding for another year, demonstrating their commitment to the city and the importance of the regeneration programme we’ve been facilitating.
“We have realised some great achievements over the past decade, and the successful delivery of these has enabled us to generate income which is being ploughed straight back into the city to fund the on-going capital programme.
“While the regeneration programme hasn’t been without its challenges, on account of the tough economic climate over the past five years, we have responded to this by refocusing our efforts firmly on the city centre and delivering the vision of the revised master plan, in partnership with Newport City Council and the Welsh Government.”
Since 2003, significant progress has been made in the regeneration of the city. Newport Unlimited has helped to secure £165 million of private sector investment into the city, while more than 1,300 new jobs have been created, not including construction jobs. A total of 72,000 sq.m of commercial and retail floor-space has been delivered, while 600 new residential units have been completed with 4,000 existing homes now with reduced flood risk. Almost nine hectares of derelict land has been reclaimed and more than 7,000 sq m of public open space has been created.
Councillor Bob Bright, leader of Newport City Council, said: “A significant amount of regeneration has already taken place in the city including the transformation of the once derelict Old Town Dock and the creation of the city centre university campus.
“But there is still work to be done, especially at a time when the city is reeling from the impact of the recession and the national austerity programme, and we need to make sure those outstanding projects are delivered, especially for the city centre.
“This funding will enable Newport Unlimited to continue working on behalf of the city and coupled with the announcement that Welsh Government will be offering further support to drive forward our regeneration, these are positive steps for the city.”