29 Jul 2019
Peel Group's Ocean Gateway delivers major boost to the Northern Powerhouse economy
An independent review of the first 10 years of Ocean Gateway reveals that it has delivered more than £5 billion of private investment, creating 21,000 jobs and 5,000 new homes.
The report by the economic and regeneration specialists, AMION Consulting, concludes that £5 billion of capital investment by The Peel Group and its partners since 2008 has attracted significant complementary private sector funding, with potential for total investment to increase to more than £15 billion over the next ten years.
Ocean Gateway – more than 50 projects over 50 years with £50 billion of investment – is strongly embedded within the Northern Powerhouse and underpins a shared ambition aimed at the re-balancing of the UK economy.
Ocean Gateway is a pioneering approach to the renaissance of the strategic corridor encompassing Manchester and Liverpool, with a focus on the regeneration of land and assets fronting the Manchester Ship Canal and the River Mersey. Signature schemes include MediaCityUK; TraffordCity; Liverpool Waters; Liverpool2; Wirral Waters; Port Salford and Liverpool John Lennon Airport.
In total, AMION says key projects within the Ocean Gateway generate an annual net additional GVA (Gross Value Added) of more than £1 billion for the North West economy. The report adds: “Over the next 10 years, based on employment projections, it is estimated that total gross GVA across the Ocean Gateway, will increase to £4.5 billion per annum (2018 prices). This would potentially equate to almost 3% of total GVA across the wider Ocean Gateway area.”
In addition to commercial and residential development, Peel continues to promote the delivery of a wide range of environmental schemes within Ocean Gateway. These include low carbon electricity generating capacity through wind, solar, energy from waste and new infrastructure for energy storage.
Graham Russell, Chief Executive, AMION Consulting, said: “Our work has shown the economic benefits of a large scale and long-term strategic approach to investment in the corridor between Manchester and Liverpool. The Ocean Gateway programme has delivered substantial benefits and is an excellent example of how to use targeted investment to promote economic growth. It will help to create and shape the economic future of the Northern Powerhouse for many years to come.”
Neil Lees, Deputy Chairman, The Peel Group, said: “Ocean Gateway is at the heart of what we do – it aims to maximise the potential of the North West as a globally significant region and a major driver of the economy across the Northern Powerhouse and UK PLC. We take great pride in our policy of long-term investment and, as the AMION report shows, there is huge future potential for growth in jobs and skills, new homes and low carbon energy.”
Further details of Ocean Gateway and The Peel Group can be found at www.peel.co.uk
To read the report - click here