Newspaper article The Journal (Newcastle, England)

Investments Can Build Platforms; Commercial Property Quarterly Review Publicly Funded Infrastructure Has Boosted the Region, but More Needs to Be Done Especially with Our Roads, Says Ian Parker a Director of GVA Lamb & Edge in Newcastle

Newspaper article The Journal (Newcastle, England)

Investments Can Build Platforms; Commercial Property Quarterly Review Publicly Funded Infrastructure Has Boosted the Region, but More Needs to Be Done Especially with Our Roads, Says Ian Parker a Director of GVA Lamb & Edge in Newcastle

Article excerpt

THERE is no doubt positive investment in infrastructure works can produce a platform for securing new development, which is strongly evidenced throughout the North East.

While the region suffers from peak hour congestion, particularly in relation to the Newcastle/Gateshead Western Bypass and the Tyne Tunnel, generally the highways infrastructure is good relative to other heavily congested areas within the United Kingdom. It is the external links which need improving.

Infrastructure investment generally falls at the doors of the public sector, given that they can release funds to overcome problems, which would otherwise leave development opportunities lying fallow.

The private sector need to make a return for their investment in bricks and mortar, but without pump priming expenditure development schemes would not be bought forward.

Perhaps the best example relates to the former development corporations, which promoted regeneration schemes on the banks of the Rivers Tyne, Wear and Tees. Money was channelled towards key "flagship" schemes, which could demonstrate "critical mass" and bring about radical change in terms of the environment and public perceptions.

Schemes such as the Newcastle Business Park, Newcastle Quayside, Royal Quay and Hylton Riverside, would not have been forthcoming without the public sector funding from central government chanelled throrough the Tyne and Wear Development Corporation.

The regeneration of the Hartlepool docks area and more recently Middlehave Middlesbrough, have been broug about by investment in infrastructure to establish development platforms, which the private sector can Take on I am in no doubt that without long-term decisions being taken in relation to infrastructure investment the feasibility of private sector investment in both residential and employment related development would be much curtailed.

Investment in infrastructure is very broad based whether this be in terms of highway construction, over coming heavy abnormal costs arising from former use, or other investment which can change perceptions of specific areas towards attracting new investment. …

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