Cornwall to see £10Bn construction investment over the next 10 years
Senior representatives from Cornwall Council, Cornwall Trade and Investment and Treveth attended UK’s Real Estate Investment & Infrastructure Forum (UKREiiF), 21-23 May, to attract investment for a range of once in a generation development opportunities in the region.
Procurement pipeline project research carried out by Inner Circle Consulting, has qualified eight significant development projects in Cornwall, which equate to a £10.6Bn forecast capital spend in the next ten years. This figure includes £3.4Bn on Housing and another £3.4Bn on Culture and Economic Development.
Cornwall has attended the UKREiiF since its inception, three years ago. The Conference connects people working within the UK Real Estate industry, with more than 10,000 attendees expected and 700 speakers over the course of the three days.
For 2024, Cornwall is actively seeking discussions with investors and potential partners to support the region’s strategic focus by bringing forward eight key development opportunities that will drive green growth and demonstrate the volume of work, over a longer term, taking place across the region. Committed to creating sustainable and more inclusive and prosperous communities, a Supported Housing Delivery project, to deliver 48,000 new and improved supported housing units across Cornwall by 2050 and valued at c.£82M over five years, is one of the key opportunities. A £300M project to deliver a pioneering green community at Langarth Garden Village is billed as a world-class flagship scheme.
Other significant projects that have been ear-marked for development include a c.£300M Cornwall Airport & Estate opportunity, which is one of the UK’s largest designated Enterprise Zones; a £100-200M new transport quarter in Newquay; a commercial development opportunity at Goonhilly Earth Station ranging from £1M-£20M; a £230M Pydar Street regeneration project in Truro; floating offshore wind operations facilities and development at Falmouth Docks, and an ambitious £1M Local Investment in Nature Cornwall (LINC) initiative.
Councillor Linda Taylor, Leader of Cornwall Council said: “The figure of £10.6Bn in the next 10 years, is qualified by independent research, so we’re confident this will make Cornwall an attractive prospect for national contractors, consultants and their supply chains to expand their operations and help us deliver our ambitious plans.
“We are developing housing stock faster than the rest of the UK so harnessing the power of Cornwall is essential to the UK’s journey to net zero. Investing in Cornwall means having the space to think big and work with a proactive council to create a real legacy.”
She continued: “In the last ten years Cornwall has delivered more new homes than Birmingham, Manchester, Leeds or Liverpool, and £900M GVA per annum is generated by Cornwall’s construction sector which represents 7% of the Cornish economy. This offers a coherent and circular economy, and developers and contractors can expect tailored support and a well-resourced, strategic approach to development from Cornwall Council and our partners.”
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