Select Committee on Environment, Transport and Regional Affairs Appendices to the Minutes of Evidence

Supplementary memorandum by Newark & Sherwood District Council (IW74A)


  Following the evidence presented by Newark and Sherwood District Council at the Environment, Transport and Regional Affairs Committee on 15 November 2000, it was agreed that additional written responses would be provided to some of the questions received.

  The estimate for additional private sector investment in Riverside projects is in the order of £12 million to £14 million to date. This includes completed projects—such as the new Waitrose store, Pizza Express restaurant and residential development, and development underway including the new Woolworths "Big W" retail investment. This estimate includes construction costs, fitting-out, car parks and land assembly.

  The residential properties on the Riverside can command a premium of up to 20 per cent compared to similar property elsewhere. A recently advertised three bedroom, three storey, terraced property was listed on the market for £132,500.

  There was some confusion I believe regarding English Partnerships, Partnership Investment Programme (PIP) and investment with private sector partners. The European Commission have ruled that the PIP is against European Union rules on State subsidies and have therefore prevented any further investment with private sector partners. There is an unresolved issue as to whether British Waterways are constituted as public or private sector and therefore whether or not English Partnerships can invest in British Waterway projects. A ruling is still awaited from DETR on this issue.

  In the meantime, it prevents any project development between the two parties, which is impacting on at least one major project on the Newark Riverside Regeneration programme.

  I trust this will be satisfactory in response to outstanding questions from the Committee.

M E Robinson
Economic Development Officer

November 2000

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