£18 million to boost investor confidence in Lincolnshire.
Gainsborough has received a £18m boost to help in a major regeneration of the area. The majority of the funding has been sourced from West Lindsey District Council’s reserves, and further investment from the Homes and Community Agency (HCA) for the development of key riverfront sites in the town is being negotiated.
The Lincolnshire town has ‘affordable’ land for up to 4,350 homes and 19 hectares of prime commercial land to develop and grow business.
Plans to a build a marina, with funding support from Lincolnshire County Council is also underway. It is hoped this will kick-start West Lindsey District Council’s and Greater Lincolnshire’s ambitious plan to rejuvenate the town to boost the economy and help create more than 3,000 jobs.
Eve Fawcett-Moralee, strategic lead for economic development at West Lindsey District Council, said this is a transformational project that would put Gainsborough on the map. “Thanks to the £18 million investment and the HCA support we’re driving a number of initiatives that will unlock Gainsborough’s potential. We have big plans to rejuvenate the town centre and our historic riverfront to drive housing-led growth,” she said.
“With affordable land prices and ideally located just 30 minutes from UK-wide and European transport links, more people are waking up to the benefits Gainsborough has to offer as a place to live, work, visit and invest.
“12 per cent of the housing growth planned for central Lincolnshire is within Gainsborough, which presents real opportunities for landowners and developers.
“We have a strong engineering legacy and the land here offers significant opportunities for growth in manufacturing, agri-food and retail and tourism. Somerby Park is just one of the prime locations that has more than 11 hectares of serviced development land that has already generated significant interest from businesses in the south.”
Tim Downing, senior partner for Pygott & Crone is working with the council to help drive investor growth into the area from the south of the county. He said: “Lincolnshire’s appeal is fast-becoming known amongst UK investors owing to the strong returns that can be made here. We have an ambitious plan for the town that, once realised, will offer a bright future for businesses and families living here.”
The Greater Gainsborough Housing Zone is one of 20 areas outside of London that has been identified for accelerated housing growth supported by the Homes and Community Agency.
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