An independent review of the first five years of Ocean Gateway reveals that it has delivered more than £2 billion of private investment and thousands of new jobs.
The report by the economic and regeneration specialists, AMION Consulting, concludes that more than £1 billion of investment by The Peel Group since 2008 has leveraged an additional £1 billion of other private sector investment, along with more than 11,000 permanent jobs.
Ocean Gateway – more than 50 projects over 50 years with £50 billion of investment – is a pioneering approach to the renaissance of the strategic corridor encompassing Manchester and Liverpool with a focus on the regeneration of land and assets fronting the Manchester Ship Canal and the River Mersey.
Ocean Gateway projects embrace ports; logistics; retail and leisure; residential; commercial development; media infrastructure and renewable energy. Signature schemes include MediaCityUK, Manchester; Liverpool Waters; Liverpool2; Wirral Waters; Port Salford; Liverpool John Lennon Airport and the planned expansion of Scout Moor wind farm.
In total, AMION says Ocean Gateway has created net additional GVA (Gross Value Added) of £1.14 billion for the North West economy since 2008. The report adds: ‘Ocean Gateway represents an internationally significant programme of private sector investment in transport and logistics; communities and regeneration and sustainable resources.’
Other benefits of Ocean Gateway include the creation of environmental assets such as Speke Garston Coastal Reserve and wind turbines at the Port of Liverpool.
Graham Russell, Partner Director, AMION Consulting, said: ‘Our work has shown the economic benefits of a large scale and long-term strategic approach to investment in the corridor between Manchester and Liverpool. The Ocean Gateway programme has already delivered substantial benefits and is an excellent example of how to use targeted investment in infrastructure and key sectors to promote economic growth. The programme builds upon the industrial heritage of the area and will help to create and shape the economic future of the North West of England’.
John Whittaker, Chairman, The Peel Group, said: ‘Ocean Gateway is at the heart of what we do – it aims to maximise the potential of the North West as a globally significant region and a major driver of the UK economy. Peel takes great pride in our policy of long-term investment and, as the AMION report shows, it is making a major impact only five years after the launch of Ocean Gateway.’
Ocean Gateway is The Peel Group’s contribution to the wider Atlantic Gateway public-private partnership. A total of 16 Ocean Gateway projects are part of the Atlantic Gateway growth plan.
Baroness Susan Williams, Executive Director, Atlantic Gateway, said: ‘The last five years have been very challenging for the UK economy. However, the North West has benefited from significant investment from The Peel Group’s Ocean Gateway projects. This contribution to the wider Atlantic Gateway strategy has undoubtedly given us a competitive advantage, particularly in the logistics sector, where we are seeing a real boost in opportunities and jobs.’
Full details of all the Ocean Gateway projects and the AMION Consulting review can be found at www.oceangateway.co.uk