Developer looks to Government funding to fast-forward Island Quarter site
Conygar, the developer behind The Island Quarter in Nottingham, has launched a grant funding campaign which it says will help fast forward the site’s redevelopment.
Conygar has asked the local business community and organisations to gain support for its Homes England Infrastructure Grand Funding Application for the 36-acre site.
The firm says the grant funding will enable it to accelerate its building activity on the site, which is set to provide more than £200m of investment into Nottingham annually, more than 4,500 jobs during the build as well as permanent jobs, 900 new homes and a hotel with 223-bedrooms and suites, operated by IHG.
Robert Ware, CEO of Conygar, said: “Conygar is working hard to attract funding which will help us speed up the regeneration and accelerate millions of pounds of investment to the city year on year.
“We are in prime position for the grant funding because we are already on site and can guarantee we will use it.”
The Island Quarter has started on site with the building of 1A Canal Turn underway, featuring new bars, restaurants, exhibition and events space. Next, Conygar will turn its attention to the building the purpose-built 702-bed student accommodation, alongside its hotel and apartment buildings.
Ware said: “While we have our own company investment in place, we are looking at what government funding is available so that Nottingham will benefit from The Island Quarter even more quickly. There are major obstacles such as a large gas mains that need to be relocated first. The grant funding would mean this could be started immediately and speed up the works.”
“We are working with Nottingham City Council and hope to win their support. The Homes England funding, which will be paid back later, will allow us to bring forward the other phases of the development.
“We are also looking into the 2021 Levelling Up Fund which again only applies to schemes that are on site this financial year.”
“I was delighted to see more than 200 members of the Nottingham community pledge their support within the first 48 hours of announcing the grant funding on our website. With this level of support, which is growing every day, I am very hopeful we will be successful.”
The Island Quarter received planning permission three years ago and has planning applications in with Nottingham City Council for phase 1B – the hotel and apartment space – and its student living development.
