D2N2 bids for £426m investment for economy

A £426million capital investment programme —set to create an estimated 12,910 new jobs — is being bid for by the D2N2 Local Enterprise Partnership, to boost the local economy.

The Local Growth Fund 3 projects submitted for Derby and Derbyshire are:

  • World Heritage Site Regeneration: Renovation of the Derby Silk Mill on Derby's riverside to create a new national museum and visitor attraction, plus small and start-up business workshops. Local Growth Fund 3 bid - £3.7m, match funding - £12.8million, benefits - 100 jobs.
  • Masterplan Phase 1: City Gateway: New multi-purpose 3,000 capacity venue in Derby city centre on former Assembly Rooms site, to provide theatre space and conference facilities. Local Growth Fund 3 bid - £8million, match funding - £2million, benefits - 171 jobs.
  • Housing Zone: Urban Village: Land assembly works and providing new infrastructure to develop 12 hectares of brownfield regeneration land at Castleward Derby, for homes and businesses. Local Growth Fund 3 bid - £6.6million match funding - £73million, benefits - 380 jobs and 600 homes.
  • Connect Business Growth Hub: Transforming this 1.9 acre site a 3,000 square metre site for business growth. Funding requested from Local Growth Fund 3 - £2.9million, match funding expected - £4.4million and benefits expected - creation of 390 jobs.
  • Institute of Technology, Pride Park, Derby: Creation of an Institute of Technology for Engineering and a Centre for Professional Construction, to support sectors' higher level skills development and apprenticeships. Local Growth Fund 3 - £1.3million, match funding - £800,000, benefits 250 jobs.

D2N2 and its fellow LEPs are set to discover how many of their LGF 3 project bids have been successful, and the funding they will receive, in the Chancellor's 2016 Autumn Statement in late November or early December.

Peter Richardson, Chairman of the D2N2 Local Enterprise Partnership, said: "Our current LGF allocation, of £192million, has already been invested in a wide range of projects, inlcuding £12million for Derby's Our City, Our River project. But there is a lot more we need to do to provide vital infrastructure, to aid economic growth."