Page 140 - Barrow Town Deal Board Agenda 14/4/2020

Concept 13 Concept Strengths:
▪ Good alignment with creating a resilient and diverse economy, and
building on Barrow’s economic strengths
Overview
▪ Direct and wider economic impacts could be significant, contributing
Site remediation and preparation works and towards higher productivity and inclusive growth
construction of new commercial units at two identified ▪ Both sites are within public sector ownership which supports
sites including Waterfront Business Park and North deliverability
Scale Industrial Estate.
▪ Examples presented of how previous gap funded commercial sites
schemes in the town have met latent demand
Project Name Employment Sites Fund
▪ Once built, ongoing maintenance costs will be covered by rental
income
Project Type Urban Regeneration & Land Use

Total Cost & TIP TBC c£3-5m (TIP request also Concept Weaknesses:
Funding Request unconfirmed dependent on private sector
match but likely to be up to 100%) ▪ This project is not a fund but a project to bring forward two
Capital employment sites in the town
Location Two sites have been identified ▪ Lack of demand evidence presented and market failure argument is
not clear on why the private sector wouldn’t invest
Direct outputs Affordable workspace created; employment
land brought forward (5ha); commercial ▪ Costs of preparing and remediating the site at Waterfront is unknown
space created (1,500-2,000 sqm) which may impact on ability to construct the intended units
▪ Impact of COVID 19 on commercial property market and demand for
Wider impacts Increased jobs and GVA, diversification of space is unknown
Barrow’s economy, new businesses
created, SMEs assisted to grow ▪ Financial risks associated with the intended management structure
need to be better understood in the context of demand

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