18 BusIness AUGUST 2019
FEATURE
MediaCityUKA
50-year blueprint to
regenerate parts of
Manchester and
Liverpool has already
generated £5bn of
private investment,
21,000 jobs and 5,
homes for the region.
That’s according to an independent
review of the first 10 years of Ocean
Gateway, the plan by developer Peel to
deliver 50 projects over 50 years with
£50bn of investment along the
Manchester Ship Canal connecting
Manchester with the Port of Liverpool.
The report by the economic and
regeneration specialists, AMION
Consulting, concludes that £5bn
of capital investment by The Peel
Group and its partners since 2008
has attracted significant
complementary private sector funding,
with potential for this additional
investment to increase to more than
The gateways to a
£5bn investment
£5bn over the next ten years.
Ocean Gateway, which is strongly
embedded within the Northern
Powerhouse, underpins a shared
ambition aimed at the re-balancing of
the UK economy.
The project aims to drive economic
growth along the strategic corridor
encompassing Manchester and
Liverpool, with a focus on the
regeneration of land and assets
fronting the Manchester Ship Canal
and the River Mersey.
Signature schemes include
MediaCityUK, Manchester;
TraffordCity; Liverpool Waters;
Liverpool2; Wirral Waters; Port Salford
and Liverpool John Lennon Airport.
In total, AMION says key projects
within the Ocean Gateway generate an
annual net additional GVA (Gross
Value Added) of more than £1bn for the
North West economy.
The report adds: “Over the next 10years, based on employment
projections, it is estimated that total
gross GVA across the Ocean Gateway,
will increase to £4.5 billion per annum
(2018 prices). This would potentially
equate to almost 3% of total GVA across
the wider Ocean Gateway area.”
In addition to commercial and
residential development, Peel
continues to promote the delivery of a
wide range of environmental schemes
within Ocean Gateway.
These include low carbon electricity
generating capacity through wind,
solar, energy from waste and new
infrastructure for energy storage.
Graham Russell, Chief Executive,
AMION Consulting, said: “Our work
has shown the economic benefits of a
large scale and long-term strategic
approach to investment in the corridor
between Manchester and Liverpool.
The Ocean Gateway programme has
delivered substantial benefits and is anexcellent example of how to use
targeted investment to promote
economic growth. It will help to create
and shape the economic future of the
Northern Powerhouse for many years
to come.”
Neil Lees, Deputy Chairman, The
Peel Group, said: “Ocean Gateway is at
the heart of what we do – it aims to
maximise the potential of the North
West as a globally significant region
and a major driver of the economy
across the Northern Powerhouse and
UK PLC.
“We take great pride in our policy of
long-term investment and, as the
AMION report shows, there is huge
future potential for growth in jobs and
skills, new homes and low carbon
energy.”MediaCityUK
a joint venture between Peel
Media and Legal and General
MediaCityUK is the leading
international hub for the creative
and digital sectors and is home to
the BBC, itV, dock10, ericsson
and the University of Salford.
it also plays host to 300 smaller
media and tech businesses.
Located on the banks of the
Manchester Ship Canal, more
than 7,000 people work, live and
study at MediaCityUK, and it’s
also become an increasingly
popular visitor destination.
Plans for phase two will see
MediaCityUK double in size by
2030, including 1,800 new
apartments.
● investment to date: £1.4bn
● Future planned investment:
£2.1bn
● Jobs to date: 7,
● Future potential: 10,
● GVa to date: £470m
● GVa future potential: £720mLiVerPooL
owned by Peel Ports, Liverpool
is the UK’s second largest ports
group. Peel Ports Group owns and
operates six of the UK’s most
important ports, including
Liverpool and the Manchester
Ship Canal. Headquartered in
Liverpool, it employs around
1,600 staff and handles 60m
tonnes of cargo every year.
Liverpool2 is a huge investment,
delivering the UK’s most central
deep-sea container terminal and
the capability of accommodating
the largest vessels in the global
fleet at the Port of Liverpool.
● investment to date: £400m
● Future planned investment:
£450m
● Jobs to date: 3,
● GVa to date: £230m