THE News can today reveal how Portsmouth is shaping up to be transformed by more than £1bn worth of new investment.
That is the combined worth of multi-million pound projects to radically improve the city’s shopping centres, seafront, roads, housing and flood defences.
These include the long-awaited Northern Quarter development, plans for a bridge to Port Solent, the regeneration of Tipner, and huge investments in land owned by Portsmouth City Council.
City leaders estimate this will lead to 5,000 new homes being built over the next 10 years and the creation of more than 16,000 jobs.
Added together, the total investment predicted to flow into the city comes to a staggering £1bn-plus.
The city’s head of economic regeneration, Portsmouth South MP Mike Hancock, will today announce that Portsmouth is ‘open for business’ at a conference where the full extent of the plans will be unveiled.
He will tell an audience of civic and business leaders at the Marriott Hotel in North Harbour that the city needs to build on the success of projects such as the new port terminal, Mountbatten Centre, Gunwharf Quays shopping centre, Mary Rose Museum and Trafalgar Gate Link Road.
The plans are all part of the Shaping the Future of Portsmouth strategy, which was launched 12 months ago and seeks to bring investment, tourism and jobs to the city.
Among the council’s plans are to set up a development company that can work with private firms to invest in the sites it owns, such as parts of Tipner, Dunsbury Hill Farm and under-used car parks.
The council’s director of regeneration Kathy Wadsworth said even in such tough economic times it was right to be bold and take risks.
‘We are sending a great message,’ she said.
‘We are saying to central government and all the investors and developers that Portsmouth is open for business, and that we have big plans and opportunities for people to come here and invest and help us create jobs.
‘In 20 years the city will look fantastic.
‘The seafront will be developed and will have visitors 24 hours a day, seven days a week.
‘People will travel from a long way away to come to Portsmouth.’
Cllr Hancock added that following the success of the three Tipner regeneration planning applications the city is set to take a huge step forward.
He said: ‘When all these developments come together there won’t be anybody in Portsmouth who won’t be able to feel part of what we are doing.’
HOW THE BILLION WILL BE SPENT
· City Centre road – £30m
· Bridge from Tipner to Port Solent – £20m
· Tipner redevelopment (east site) – £130m
· Flood defences – £80m
· Seafront strategy – £100m
· Tipner Road junction – £30m
· Development of new council sites – £270m
· Dunsbury Hill Farm road – £12m
· The Northern Quarter – £270m
· Other major projects – £100m
· Total: More than £1bn in planned investment