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CALLS TO BACK PLYMOUTH CDC OR FACE “STAGNATION”

Public and private sectors need to speak with “single, clear voice” over city‘s economic aspirations, according to King Sturge

The business community must back the City Development Company‘s ambitious plans for Plymouth or risk seeing major development schemes stagnate as the South West struggles out of recession.

The City Development Company (CDC), a partnership between the private and public sector, was launched in February 2008 with the task of driving Plymouth‘s far-reaching economic growth and regeneration aspirations.

However, the recession has meant many major development projects, including Millbay, Devonport Vision and Mount Wise, have been delayed.

Now, with the UK poised for an economic upturn, there are calls for all sectors to throw their weight behind the CDC which will be key in putting these schemes back on track.

Andrew Hector, partner in charge at the Plymouth office of international property consultants King Sturge, warned that, at least for the short to medium term, the private sector could not rely on public funds to kick-start the city‘s development pipeline.

“Historically in Plymouth there have been public funds available to make sure that schemes get off the ground, but that won‘t happen anymore,” he said.

“The harsh reality is that even though the UK economy is starting to show signs of recovery, the public sector is about to enter its own recession.”

To illustrate this Mr Hector pointed towards the recent announcement by the South West Regional Development Agency that it had been forced to shelve dozens of development projects because of a £56 million funding shortfall.

“What we need is for the business community to rally round the public sector and send a clear message that we are fully behind the CDC,” he continued.

“Without the public sector funding there are going to be some very tough decisions to be made about which schemes are deliverable and should, therefore, be prioritised.

“Unfortunately that will inevitably mean several schemes won‘t be completed in the short term, but if we all speak with a single, clear voice and support the CDC‘s strategy for stimulating growth and employment in Plymouth, we will get the city‘s aspirations back on track far faster than if we all pull in different directions.”

ENDS  2nd December 2009

For further information please contact Neil Fraser, Sturgess Van Damme, on 01275 349011 or email neil@sturgessvandamme.co.uk