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Projects

No Use Empty South Essex extension

Categories

Approval Status

 

Fully Approved

Delivery Status

 

Project In Progress

Expected Repayment Date

 

Spring 2025

The Growing Places Fund investment will be used to return long-term empty commercial properties back to use, for residential, alternative commercial or mixed-use purposes. The project will focus on secondary retail and other commercial premises which have been significantly impacted by changing consumer demand, the impact of the pandemic and which may have been impacted by larger regeneration schemes.

The project will:

  • support economic growth through new commercial activity: attracting new business rates, and creating and safeguarding jobs;
  • increase the number of new homes available as a result of mixed-use development: generating new council tax receipts and attracting Government New Homes Bonus;
  • support wider regeneration, in particular assisting in improving the vitality and viability of existing commercial areas, improving the quality of the local environment, complementing wider regeneration activities and supporting community safety and cohesion.

This will be achieved through the provision of short-term secured loans to bring long-term empty commercial properties back into use.

The No Use Empty South Essex project also received Getting Building Fund investment totalling £1.2m. Further details can be found here.

Capital Programme delivery update

Take a look at our update on the delivery of the Local Growth Fund (LGF) and Growing Places Fund (GPF) capital programmes.

SELEP Capital Investment Programme

Growing Places Fund

The Growing Places Fund (GPF) was established by the Ministry for Housing, Communities and Local Government (formerly the Department for Communities and Local Government) and the Department for Transport (DfT) in 2011. The aim of this funding is to unlock economic growth, create jobs and ‘kick-start’ house building at stalled development sites.

The GPF was made available to SELEP for investment as a recyclable loan scheme. Loan repayment schedules for each project are agreed within the credit agreement which is put in place at the start of the project. Repayments against these projects are returned to the central pot for reallocation to new projects. Through the GPF Round 1 awards, a total of £47.459m GPF was awarded to 13 capital infrastructure projects across the South East LEP area. Repayments are now being made by the Round 1 projects which has allowed funding totalling £20.387m to be allocated to a further 13 projects through GPF Rounds 2 and 3.
Funding value: £1,000,000
Total Project cost: £2,700,000 (estimate)
Return to Capital Investment