Mayor investing £177 million to regenerate capital

17 January 2012

• Money designed to kick start economic growth and drive employment
• Mayor visits Barnet to announce new funding

A total of £177 million is being invested in regeneration across the capital, boosting local high streets, delivering growth and new jobs and improving lives, the Mayor of London has announced. Boris Johnson also revealed the town centre projects set to benefit from the latest round of funding from two regeneration funds.

Ensuring London remains the motor of the UK economy is a top priority for the Mayor, which is why he is channeling millions into capital-wide regeneration projects, with £70 million from his Regeneration Fund and £50 million from his Outer London Fund. Additional match funding of £57 million from other private and public sector partners raises the total to £177 million. Delivering a much needed shot in the arm to areas struggling during the downturn, the Mayor today announced the 18 boroughs and 23 schemes set to benefit from the second round of his £50 million Outer London Fund – schemes that would not have gone ahead without his investment.

They include:
• Green Lanes, Haringey – after three decades of voluntary and community efforts to overcome significant local difficulties, the Green Lanes Traders Association will receive over £2 million to transform the southern entry to the high street, improve shop fronts including conservation work, and the installation of 14 micro squares on street corners.
• Bromley Town Centre – more than £5 million will see improvements to Market Square and Bromley Boulevard, including work to shop frontages, plus a marketing and events campaign. The investment will also go towards boosting independent businesses through support and training. The combined projects will benefit nearly 500 local businesses and increase the number of visitors to the town.
• Harrow Metropolitan Town Centre – almost £3 million will see a new town park with a permanent multi-use performance space, plus improvements to town centre access and business support measures including an empty shops initiative and the creation of a Business Improvement District. The Mayor also announced that eight boroughs will benefit from his £70 million Regeneration Fund, set up to help repair the damage caused to high streets and town centres during last summer's riots. The eight boroughs are: Croydon, Haringey, Camden, Ealing, Enfield, Hackney, Merton and Southwark. The Mayor's team is also in discussions with additional boroughs to bring forward their plans. Projects currently receiving investment include:
• Southwark - £10.6 million package to revitalise Peckham Rye Station and town centre area, including 120sqm and 3,200sqm new and improved commercial/retail spaces respectively and nearly 100 new jobs.
• Ealing - £6.85 million to regenerate Southall High Street including public spaces, shop fronts and the longer term future development of the Crossrail Station creating 40 new businesses and 200 new jobs. The package also includes rescuing a disused heritage building to create an apprentice-led restaurant and training facility. It is predicted that the restaurant alone will see 400 students trained annually and the up-skilling of staff from 50 local restaurants.
• Hackney – a £5.3 million programme to create a fashion outlet hub in the town centre, building on the current success of the Burberry outlet store, bringing increased visitors and spending and creating at least 200 local jobs, whilst upgrading Hackney Central, including improvements to shop fronts and outdoor spaces.

This evening the Mayor will host one of his regular Talk London events at the Peel Centre, in Hendon, Barnet where ‘Investing in Outer London’ is the topic of debate with local residents. Barnet will see nearly £4 million invested through the Outer London Fund in improvements to both Cricklewood and North Finchley town centres.

The Mayor of London, Boris Johnson, said: “London is the motor of the UK economy and prosperous local high streets are the collective beating heart. 2012 is set to be a great year in the capital and I am in no doubt that London will emerge strongly from the economic downturn but we must keep investing in our many high streets and town centres to address the historic neglect of these areas by others. Kick starting local growth is exactly what these Funds are designed to do.”

Welcoming the financial awards, the Leader of Barnet Council, Councillor Richard Cornelius, said: "It is important we support our local economies during these difficult times and I am extremely pleased the Mayor of London has approved our bids for these two areas. Barnet Council has committed to putting in some funding along with the London borough of Brent from a variety of sources which will enable the Mayor’s office to release this funding. It is important we look at innovative ways to support town centres in the current economic climate. Our plans for a new landmark library in the arts depot will help support North Finchley as a cultural hub for the borough.”

ENDS

Notes to Editors:
1. Mayor’s Regeneration Fund is £70 million - £20m of which was secured from central Government. The worst affected boroughs were invited to apply for funding to support long term improvements with an onus on jobs and economic growth. The successful bids are not about rebuilding like-for-like, but investing in people’s futures with grant agreements awarded on the strength of job, training and apprenticeship opportunities for local people as well as high street renewal. Funding agreements will be finalised for the new financial year. (Note that Haringey and Croydon are the two boroughs benefitting from the additional £20 million from Government). Investment for the eight boroughs (including match funding and subject to grant agreements): Croydon: £23,692,342 Haringey: £41,345,000 Camden: £3,323,000 Ealing: £6,850,000 Enfield: £750,000 Hackney: £5,307,500 Merton: £3,000,000 Southwark: £10,600,000 Total: £94,867,842 (Total match: £31,964,842) Please note there is some overlap in terms of boroughs receiving funding from both the Mayor’s Regeneration Fund and the Outer London Fund. Factoring in the overlap, 22 boroughs are benefitting. The Mayor's Regeneration Fund team is also in discussions with additional boroughs to bring forward their plans. Those boroughs are: Bexley, Greenwich, Wandsworth, Lewisham, Lambeth, Redbridge, Hillingdon, Richmond and Westminster, plus further discussion with Ealing and Hackney on additional projects.

2.Outer London Fund – Today’s announcement of second round funding for the Outer London fund adds to the £10 million already awarded to 30 schemes through the first round of the Outer London Fund. The Outer London Fund was set up in March 2011 is a three year initiative dedicated to strengthening the vibrancy and growth of high streets and town centres. Round one funding was released in August. Round two projects, announced today, (including match funding and subject to grant agreements): B&D £1,931,500 Barnet £3,721,515 Bexley £1,807,780 Brent partner with Barnet for Cricklewood project) Bromley £5,084,349 Enfield £4,312,000 Haringey £2,003,207 Harrow £2,745,785 Havering £2,721,667 Hounslow £4,826,248 Kingston £4,063,753 Lambeth £5,800,474 Lewisham £4,330,250 Merton £1,552,216 Southwark £960,000 Sutton £5,234,123 Waltham Forest £3,351,074 Wandsworth £1,949,503 Total investment £56,395,444 (Total match funding £24,670,743) Note there are multiple projects in some boroughs receiving round two funding, which is why today the Mayor announced 23 OLF projects across 18 boroughs. Funding agreements are expected to be signed in April and projects run until March 2014. There are a number of other promising projects in Outer London where the GLA is continuing discussions towards further allocations.

3. The Talk London series is part of Boris Johnson’s extensive programme of consultation and engagement with Londoners about his policies and strategies.