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Carlton & Co – Regional Growth Fund Round 3 Bid

17/07/2012 12:08

Carlton & Co has submitted a bid to the Regional Growth Fund for a project that will create jobs and provide much-needed homes.

We have applied to the Regional Growth Fund for £10m to lever in £30m in private sector institutional investment, with the aim of creating “The Carlton Affordable Housing Investment & Delivery Programme” and achieving a £100m residential portfolio within seven years.

As a specialist regeneration company, we are committed to developing innovative funding solutions to boost housing delivery throughout the UK. If successful, a combination of Regional Growth Fund and private sector funding will support the construction of 400 high quality, low carbon and affordable homes in the North East.

Our approach aligns with the Government’s housing policy of harnessing new forms of private institutional investment into the UK housing sector and in particular, affordable housing provision.

The funding would provide an important boost to the region’s construction industry, creating more than 200 direct jobs and an additional 70 jobs within the supply chain.

A recent strategic Housing Market Assessment 2012* carried out in the Tees Valley identified a requirement for 936 affordable dwellings per year across four of the Tees Valley Boroughs.

We are cautiously optimistic about our RGF round bid. With the uncertain future prospects for public sector subsidy, it is imperative that we gain support for private sector funding and institutional investment to boost housing delivery.

Our application also aligns closely with the region’s identified housing objectives and would provide significant economic benefits arising out of the jobs created within the construction sector and supply chain.

The Regional Growth Fund is a £2.4bn fund operating across England from 2011 to 2015. It supports projects and programmes that attract private sector investment to stimulate economic growth and sustainable employment. The fund endeavours to assist areas and communities, which were previously dependent on the public sector, to make the transition to sustainable private sector led growth and prosperity.

The first two rounds of the Regional Growth Fund have been extremely successful, allocating £450 million of funding in round one and a further £950 million in the second round. This funding will potentially deliver approximately 330,000 jobs across the UK.

Let’s see what Round 3 holds … As in the previous rounds, there will be a number of strong bids looking to support a range of excellent projects. We wish all Round 3 bidders well. We will keep our fingers crossed and hope for a positive result!

 

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Carlton & Co Consultancy Ltd is registered in England & Wales at 15 Parsons Court, Welbury Way, Aycliffe Business Park, County Durham, DL5 6ZE.. Company number 06079709.
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