A working partnership

The Northwest Regional Development Agency (NWDA) is working in partnership with key regional stakeholders to deliver a programme of regeneration that will drive forward the sustainable economic development of the region. From physical buildings and development sites to the reclamation of brownfield land, the regeneration activity taking place is breathing new life into the North West.

The sheer scale of development is helping to build on the region’s enviable track record in attracting overseas-owned organisations. The North West gained 112 new investment projects in the last year and according to figures released last July by UK Trade and Investment, the region has created or safeguarded over 6,800 jobs this year alone.

The availability of high quality property is essential in attracting local and inward investment companies to the region. Just recently, the NWDA announced the Ashtenne Industrial Fund (AIF) as the preferred bidder to manage its commercial premises, which include a broad range of property ranging from factories and warehouses to workshops and incubator units. Affordable accommodation is also a key factor in attracting businesses to the region. Office rents in the North West are a fraction of those in the South East, with comparable office costs in London 344 percent higher than in Liverpool and 186 percent higher than in Manchester (source: Knight Frank 2005).

A designated list of strategic regional sites also acts as a key resource for attracting inward investment. In Cheshire, the NWDA has invested over £50m in Daresbury Science and Innovation Campus, which was officially opened recently by Lord Sainsbury, former Minister for Science and Innovation. The development of this site has included: The Cockcroft Institute, a national centre for Accelerator Science; Daresbury Innovation Centre, a state-of-the-art facility designed to attract science and technology-based businesses to the region; and 2.5ha of serviced land available for development.

In Cumbria, a comprehensive plan to regenerate Workington and Maryport and provide hundreds of new jobs has been kick-started thanks to a £14.5m investment by the NWDA. The investment forms part of an eight-year programme which will create 470 jobs, safeguard a further 681 jobs and assist almost 600 people in gaining employment. It will be delivered by West Lakes Renaissance with funding channelled through Cumbria Vision.
With a budget of £1.5bn over the next three years, the agency is responsible for directly influencing £1.2bn of other public and private sector investment into the region over the next three years to support the delivery of the Regional Economic Strategy (RES). By working in partnership with a range of public and private sector organisations, the NWDA will continue to spearhead the economic development of the region, creating lasting benefits for everyone in the North West.