Multi-million pound funding set to boost regeneration of Stevenage Town Centre

02 Feb 2017

Stevenage First is delighted that an additional £19 million of Government funding has been announced today to boost the regeneration of Stevenage Town Centre. 

Hertfordshire Local Enterprise Partnership (LEP) secured the funds from the government as part of the Growth Deal 3 initiative for local regeneration initiatives.

Andrew Percival, chair of Stevenage First, the public-private sector partnership set up to regenerate Stevenage Town Centre, said: “This funding demonstrates the economic importance of Stevenage for the Hertfordshire economy and its regeneration is a key priority for residents and businesses.

“This investment will accelerate our drive forward with our bold regeneration plans which will have tangible benefits for residents, businesses and visitors. Over the next five years this includes a greatly enhanced town square with diverse retail and restaurants, leisure facilities and public spaces as well as 1,100 new homes in the town centre. A more vibrant town centre will also help to attract modern retailers and create a greater sense of place.”

Part of the package of funding is critical to help unlock the first phase of development which will deliver 800 homes, new vibrant retail units around a revitalised square and a new civic hub, with a library, health facilities and council offices. This first phase of regeneration is already scoped and ready to take to the market in April 2017.”

In addition investment will be made to improve transport links with the town centre, including car parking facilities and the creation of development opportunities between Town Square and Lytton Way. The final element of funding will bring together land ownership to develop the former Marks & Spencer site and Marshgate area of the Town.

As the Growth Deal funding supports the completion of initiatives before 2021, our ambitious plans for regenerating Stevenage Train Station will take longer than the timescale allows. This gives us a better opportunity to refine and improve our planning and preparation in time for future funding opportunities.

Andrew Percival added: “While we are disappointed that the Government did not feel it could support the train station redevelopment at this time, we welcome the significant funding that has been secured which will act as a catalyst for further town centre regeneration and deliver real results for its residents and businesses.”

Cllr Sharon Taylor, leader of Stevenage Borough Council and Stevenage First board member, said: “These funds will play a vital role in establishing the development partnership we need to progress our plans for regenerating the Town Centre so that it reflects the aspirations of the people of Stevenage.

“Our residents, visitors and business community will reap the benefits of a new and vibrant town centre for many, many years to come.

“We are very grateful to Hertfordshire LEP for their substantial role in securing the funding for our ambitious regeneration programme.”

Cllr Derrick Ashley, Hertfordshire County Council Cabinet Member for Environment, Planning & Transport and Stevenage First board member, said: “The regeneration of Stevenage is good news for Stevenage and good news for Hertfordshire. As the strategic transport authority, HCC will press for better local and more long distance train services for Stevenage to make the most of its great location. It is widely recognised that Stevenage station needs improving as a gateway to the town and this part of Hertfordshire and we will continue to work with partners to deliver an improved station and travelling experience for visitors and residents.” 


Notes for Editors:

Stevenage First is the regeneration partnership set up to regenerate Stevenage with a primary focus on the town centre.  Stevenage First partners are: Hertfordshire Chamber of Commerce, Hertfordshire County Council, Hertfordshire Local Enterprise Partnership (LEP), Homes and Communities Agency, Legal and General and Stevenage Borough Council.

The LEP Board agreed in principle the latest Growth Deal funded projects at its meeting on 15 December, subject to final Government approval and to the establishment of a formal delivery vehicle with clear governance and private sector representation for the Stevenage regeneration programme.

GD1 and GD3 are the first and third rounds of the Government’s Single Local Growth Fund (SLGF) programme, known as Growth Deal. The combined Growth Deal funding to date includes £12 million allocated to Stevenage under Growth Deal 1, which together with the latest £19 million, secures £31 million public investment in the town.