Priory Quarter Phase 3
Categories
- Capital Investment - East Sussex, Growing Places Fund, Less than £2m
Approval Status
Fully Approved
Delivery Status
GPF Project Delivered
Repayment Completion Date
Spring 2019
To
provide 2,323 sqm (25,000 sqft) of high quality office premises at Priory Quarter in Hastings town centre to meet the expressed needs of private sector employers to expand their operation in the town with the potential to create over 400 jobs.
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.
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.