Urban regeneration company Central Salford has markedly revised its target for attracting private sector investment into its catchment area from £550m to £4bn by the end of the next decade.
Chris Farrow, chief executive of Central Salford, said: "We have surpassed our original target of attracting £550m of private sector investment into the area by 2020. This is already on site. We have now set our sights far higher with a target of attracting £4bn of private sector investment to Central Salford by 2020."
Farrow was addressing an audience of public and private regeneration and property professionals at the Lowry at Central Salford's annual Investing in Regeneration event, bringing them up to date on projects such as:
- Peel Holdings' Media City UK, rising out of the ground in Salford Quays at a construction cost of £5m a month
- Irwell City Park, where Bruntwood helped fund the recent acquisition of a surface car park from Guardian Media Group on the riverside
- Chapel Street area, with development partner English Cities Fund, Compulsory Purchase Orders will be required but no date is set for serving them
- Greengate by Ask and Network Rail, stalling due to the credit crunch but subject to talks with English Partnerships to bring forward public realm. Whitelaw Turkington, Arup appointed to design public realm, linkages.
The event panel was chaired by Felicity Goodey, chairman, Central Salford URC. On the panel: Andrew Simpson, managing director, Peel Holdings; Barbara Spicer, chief executive, Salford City Council; Ken Knott, chief executive, Ask Developments; Les Brown, regional director, Countryside Properties; Peter Crowther, development director, Bruntwood; Simon Ashdown, development director, LPC Living.
Spicer, concluding the proceedings, said the regeneration of the past few years was already paying dividends for the city and the public and private sector needed to hold its nerve to keep the regeneration of Salford "truly sustainable and genuinely aspirational".
Investing in Regeneration was sponsored by Urban Vision and Pannone LLP.