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 projectssuch 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