Chinese investment sought for 13 Northern Powerhouse projects
Chancellor Philip Hammond is to showcase £5bn of investment opportunities in the north of England to Chinese investors today.
A Chinese delegation led by Chinese Vice Premier Ma is reviewing the projects as part of the eighth UK-China Economic and Financial Dialogue (EFD).
The government is seeking Chinese investment in 13 projects in the Northern powerhouse including doubling the size of MediaCityUK in Salford and a major regeneration project in Liverpool, which will see 1,000 new homes built.
The Department of International trade headed up by Dr Liam Fox has also confirmed that it is already working with 15 Chinese investors on property development and infrastructure projects in the North of England.
The Northern Powerhouse has already received substantial foreign direct investment, which saw the area grow at twice the national average last year.
Hammond said: “As we seek to take to take the golden era of UK China relations to the next step, we have a major opportunity to open up investment opportunities across the Northern Powerhouse.
“This portfolio, opening up billions of pounds of investment ready projects to Chinese investors, will support our work to grow and create jobs across the north, as well as underpin our ambitions to bring world class infrastructure to every corner of Britain.”
Last week, the Department for International Trade took nearly 60 delegates to China to promote the Midlands Engine for the first time.
Projects within the Northern Powerhouse Investment Portfolio:
AeroCentre, Doncaster: working with Sheffield Airport in the next phase of development to create new offices, logistic units and aviation hangars.
Future Carrington, Trafford: opportunities for investment in a large scale residential and employment development in a prime location, providing over 14,000 new jobs and contributing an additional £720m GVA per annum.
Kampus, Manchester: an exciting opportunity to create new city centre apartments and retail including bars, cafes and shops.
Kirkstall Forge, Leeds: an opportunity to develop a new neighbourhood of 1,050 new homes, office space, retail, leisure and community space.
Liverpool Waters, Liverpool: this offers sale of land to develop a full range of uses, as part of an overall £5 billion project which transform the city’s northern docks.
MediaCityUK, Salford, Greater Manchester: home to the BBC, ITV and more than 250 smaller creative and digital businesses, an investment would double the size of MediaCityUK, creating studio, office, residential and retail space.
Pall Mall, Liverpool: this involves working with Liverpool City Council on a major regeneration project delivering 1000 new homes, office space as well as retail leisure and community facilities.
Protos – Ellesmere Port, Cheshire: this project includes a range of investment opportunities in gas fired power generation, energy generation, industrial development and rail and berth infrastructure, generating over 3,000 new jobs with first phase along producing £350m GVA each year.
Sirus Minerals, Polyhalite Project, Whitby, North Yorkshire: an opportunity to invest in the building of the first potash mine in the UK for over 40 years. Full production capacity will be 20 million tonnes per annum, directly creating over 1000 new jobs.
Stockport Exchange, Stockport: an opportunity to provide funding for Stockport Exchange, a brand new mixed-use destination combining high quality office space with retail, leisure facilities and car parking.
Unity, Doncaster: a major regeneration and infrastructure project that will create 3,100 new homes, a transport interchange, school and community uses. There is also an opportunity to invest in commercial space for manufacturing uses, 6000 new jobs, a new power station and a materials recycling facility.
Vaux, Sunderland: an opportunity to invest in a development providing offices, leisure, a hotel, residential and retail space.
Advance Manufacturing Innovation District, Sheffield: an opportunity to invest in an over 2,000 acre centre of excellence for innovation-led advanced manufacturing in metals and materials. Over 4000 new homes will also be created in the district.