Clyde Waterfront regeneration – Changing the face of the Clyde

The Clyde Waterfront development is a 25-year programme to transform the Clyde into a bustling hub of commercial activity, alongside high-grade waterside living. The project was conceived in recognition of the potential that the Clyde Waterfront has as a catalyst for economic growth across the whole of the West of Scotland. The regeneration is the result of a strategic partnership of the Scottish Government, Scottish Enterprise, Glasgow City Council, Renfrewshire Council and West Dunbartonshire Council working closely with the private sector.

The long-term objective is to inject £5-6bn of combined public and private investment over the next 20-25 years to facilitate the economic, social and environmental regeneration of 13 miles of the River Clyde from Glasgow city centre to Dumbarton, a project that could ultimately create some 50,000 new jobs, 24,000 new homes and 2.8m sqm of new commercial space by 2028.

The origins of Clyde Waterfront arose from the common understanding between the stakeholders that cities today are becoming increasingly important as the economic powerhouses, driving the UK’s economic growth. Glasgow and the West of Scotland’s success were built mainly upon shipbuilding, engineering and the heavy industries. Most of these activities declined sharply since the 1970s, leaving the Clyde with some large-scale vacant sites by the late 1990s such as Pacific Quay, Glasgow Harbour, Renfrew Riverside and Clydebank. As a result, there developed some pockets of unemployment that far exceeded the national average.

 The Clyde Waterfront Regeneration Initiative was officially launched in 2003 with the aim of capitalising on the inherent strengths of the West of Scotland’s skilled workforce and coupling this to the newer industries such as financial services, digital media, leisure and tourism.

Financial services
A large part of Clyde Waterfront’s jobs growth has come from the banking and finance sector, which expanded significantly over the period to 2008, accounting for over one third of the area’s total investment to date. Since 2001, the public and private sectors have worked together to develop more than £1bn of high-quality office space, creating the award-winning International Financial Services District Glasgow (IFSD), a Clyde-side development with easy access to the city centre. The IFSD Glasgow has attracted many international financial services companies, including Aon, AXA, Barclays, beCogent, BNP Paribas, Direct Line, eSure, HSBC, JP Morgan, LloydsTSB, Morgan Stanley, National Australia Bank, Resolution, RBS, Santander and Tesco Finance. In securing such high-profile names it has created over 16,000 new jobs.

Creative industries
More than a decade ago Scottish Enterprise and Glasgow City Council took the decision to re-develop Pacific Quay, the vacant site of the 1988 Glasgow Garden Festival, into an area  primarily designated for Digital Media and Creative businesses. Following refurbishment of the former Princes Dock, the new Glasgow Science Centre was unveiled in 2001. Soon afterwards the assembly of the Clyde Arc road bridge prompted BBC Scotland and STV to relocate to new purpose-built broadcasting studios at Pacific Quay. Following this, two further buildings – ‘Medius’ and ‘The Hub’ – were completed by 2009 attracting a variety of creative tenants. Local landmarks have also been renovated, namely Govan Old Town Hall that was refurbished to become ‘Film City Glasgow’, a cost-effective  film production space and the Four Winds Pumping Station was refurbished as office space for digital-focused SMEs, like Galaxy FM.

Leisure and tourism
Glasgow: Scotland with Style is recognised as the best place to shop in Britain outside London, with the St Enoch’s Centre, Buchannan Street / Galleries, Argyle Street, Sauchiehall Street and the Merchant City offering a huge array of shops and restaurants for every pocket. Equally, Renfrew Riverside was revitalised in 1999 thanks to the opening of the Braehead Shopping Centre’s 100+ stores, a development that was complemented in 2006 by the neighbouring Xscape / SNO!Zone. Today, Glasgow attracts millions of visitors as a top international conference and entertainment destination. The SECC and Clyde Auditorium are soon to be joined by the new £74m Riverside Museum  – scheduled to open in spring 2011 – and the new 12,500 seater SECC National Arena for concerts and one of the main venues for the Glasgow 2014 Commonwealth Games.

Public projects
The Clyde Waterfront area is set to benefit from improved transportation links with the completion next year of the five-mile M74 extension, joining the motorway network to the south-east of Glasgow with the M8 and M77 adjacent to the city centre. The total cost of this development is estimated to be around £445m. The other huge, long term public project in the area is the £842m re-development of the Southern General Campus, that will see the extension of the maternity hospital in addition to the construction of two new hospitals on the existing site in Govan by 2015. In terms of employment, both projects will create thousands of jobs for health workers and will extend healthcare facilities to a capacity of some 725,000 patients a year.

Since 2003, some £2bn – mainly originating from the private sector – has been invested in Clyde Waterfront across a range of commercial, residential, leisure and public amenity projects, creating 18,000 new jobs, 8,500 new homes and 300,000 sqm of commercial space. Going forward, a further £1.5bn is currently underway or committed by 2012 in the area, mainly by the public partners in Clyde Waterfront on large scale infrastructure projects and public amenities.

With so much so far achieved and much lined up, there is a real sense of pride in the area . This is reflected by those most closely connected with it: “Over the last decade billions of pounds of private and public sector investment have transformed the landscape and economy of the Clyde, so that it has become once again a really appealing waterfront location for companies to do business in and for the general public to spend leisure time or live besides,” explains Derek McCrindle, director of Clyde Waterfront Strategic Partnership. “Now we must use this success and momentum to further promote private sector commercial and residential opportunities in the area, so that we continue to develop a vibrant and thriving River Clyde which helps local communities prosper and appeals to international companies and visitors”

The future
The spirit of rejuvenation is present about the Clyde Waterfront, both in terms of the diversity, scale and pace of its economy and with the many derelict brownfield sites now revitalised.  However, the Clyde Waterfront Regeneration Initiative has a long term horizon, so there are still plenty of commercial, retail and residential opportunities for developers, investors and companies in the area. Examples being more Grade A office space in the IFSD / city centre, more hotels and hospitality venues besides the Clyde, particularly at the Broomielaw, Pacific Quay and Glasgow Harbour and more residential opportunities right along the 13 miles of waterfront from the Merchant City, SECC, Renfrew, Clydebank, Erskine to Dumbarton.

Going forward, the work behind the project continues, although it is entering a more difficult phase. The economic climate has become tougher and the rate of private sector development has slowed since Q4 2008.

Clyde Waterfront is not immune from the global economic difficulties, although it is still a driving force behind the rejuvenation of the city. The public and private partners behind the development remain committed to the project and are preparing for a further boost in activity as the economic outlook for development brightens once again.

To find out more about Clyde Waterfront call: 0141 229 5420, visit: clydewaterfront.com or write to: Clyde Waterfront, 4th Floor Atrium Court, 50 Waterloo Street, Glasgow, G2 6HQ