£443 Million Regional Investment

From The Argus (Full report here) –

Investment worth £443 million will be pumped into the region after a growth deal was signed.

The six-year investment programme to boost jobs, infrastructure and transport will be poured into Brighton and Hove, Lewes, West Sussex and the Gatwick Diamond.

The deal will begin with £38 million of Government funding in 2015/16, rising to £202 million over six years.

The investment is expected to unlock an additional £83 million from public bodies and £158 million from the private sector – bringing the combined total to £443 million.

It is estimated the deal will create 14,000 jobs, 4,600 new homes and 190,000 square metres of employment space, with investment in flood defences, major transport schemes, international trade and business support.

A further £237 million investment in new housing will be enabled by the deal.

The Preston Barracks Central Research Laboratory, a joint venture between University of Brighton, Cathedral Group and Brighton and Hove City Council to create a new innovation hub to commercialise academic research and support high growth businesses, plus new housing, will get £7.7 million.

In Brighton city centre the Circus Street development, a mixed-use regeneration project of homes, offices, student accommodation and academic buildings will receive up to £2.7 million.

Dilapidated buildings at City College Brighton and Hove and Chichester College will be refurbished to increase trainees, apprentices, disabled learners and links with local businesses, with £11 million in 2015/16 and a further £10 million in 2016/17 for new projects.