£63 million is being invested into projects in the Nottinghamshire and Derbyshire area as part of the annual budget announcement.
It comes after Chancellor of the Exchequer Philip Hammond faced MPs and delivered the budget on Wednesday (March 8) in the House of Commons.
It is projected the investment could create almost 6,500 jobs, 615 new homes and attract £153 million in private sector investments over the next five years.
£10 million in funding has been provided for the Southern Gateway scheme and the Broadmarsh redevelopment.
The investment will see the bus station refurbished and car park and the provision of a tram stop outside Broadmarsh.
What is being invested in?
– £10m to refurbish Broadmarsh bus station and car park. This investment will provide a new tram stop, and deliver a new retail area in Nottingham city centre.
– £2.4m to enable Derby, Derbyshire, Nottingham and Nottinghamshire (D2N2) Local Enterprise Partnership to purchase strategic sites that will make sure the area benefits as much as possible from HS2. The land will be used for housing and employment.
– £1.9m to create a new Creative Quarter Digital Skills Campus in Nottingham.
– £6.8m to create a Convergent Science and Technology Centre in Nottingham. This will help to speed up the development of healthcare products.
– £8m to regenerate town centres across Nottinghamshire, and redevelop Nottingham Castle.
A Nottingham City Council spokesperson said: “The Council has welcomed the funding announced for the Broadmarsh area and the Castle via the Midlands Engine Strategy.
“It will form part of a £250m transformation of the southern part of Nottingham, providing a boost to the local economy, bringing thousands of new jobs and millions of extra visitors to the city.
“The possibility of a tram stop has been discussed as part of the planned public realm changes in the vicinity of the Broadmarsh development and the proposed Skills Hub.
“This is still at the development stage and therefore subject to the eventual design of the overall scheme.”
A new science and technology centre led by Nottingham Trent university is also being built which aims to increase efficiency and support in the med-tech industry.
Investments have also been given to towns in Nottingham to attract small businesses back to town centres, improving market areas and using neglected properties.
Local Growth Minister Mr Percy said: “Our £63 million boost will mean more money directly invested into Derbyshire and Nottinghamshire to fund major projects, that will create jobs and support businesses across the region.
“From creating a new centre for science and technology at Nottingham Trent University to refurbishing the Broadmarsh bus station, it will have a real impact on the lives of local people.”
Funding has also been provided for the new Sherwood Forest Visitor Centre in Newark which includes replacing the existing visitor centre and adding new walking/cycling routes.
This is the third investment package awarded to D2N2 meaning over £250 million has been given to the area in the last three years.
Communities Secretary Sajid Javid announced a Government cash boost of £63million for the D2N2, which they hope will help create jobs, build homes, raise productivity, support businesses and encourage economic growth.
Communities Secretary Sajid Javid said: “This Government is backing Derbyshire and Nottinghamshire with this new £63million funding pot.
“Exciting projects to benefit include a new Institute of Technology in Derby and the regeneration of town centres across Nottinghamshire.
“This new funding will help create jobs, boost skills and give businesses support.”
The projects will all take place between now and 2020 and £6.5 million has already been poured into the BioCity extension project.
Peter Richardson, Chair of the D2N2 Local Enterprise Partnership, said: “This is a significant investment in the area’s economy.
“In a time of still tight public spending D2N2 has been awarded almost two-thirds of the projects’ money it bid for, showing Government’s faith in what we have done with Local Growth Fund money received so far.
“This latest Local Growth Fund allocation will boost skills and training, infrastructure, jobs and housing across the D2N2 area’s economy.”
Money will be allocated to projects, between now and 2020, which can show clear economic and employment benefits.
