Enterprise M3, the Local Enterprise Partnership for the wider M3 corridor from the New Forest in the South West to Staines in the North East, has awarded £1.573 million of funding from the Growing Enterprise Fund to the Brightwells Regeneration Scheme in Farnham.
The Enterprise M3 Board awarded the funding to Waverley Borough Councilto fund enabling projects for the town centre regeneration project.
The Brightwells Regeneration Scheme is an ambitious regeneration project aimed at bringing over 800 jobs and 239 homes (of which 72 will be affordable) to the East Street area of Farnham. Investment from the Growing Enterprise Fund in the enabling works is estimated to bring forward the overall development by 12 months.
The Growing Enterprise Fund is a loan and therefore all recipients of the fund, including Waverley Borough Council, must be able to repay the loan so that the fund can be used to deliver other projects in the future.
The Enterprise M3 funding will be used to:
- Purchase and install 250m of electrical cabling at the Riverside site – these works will allow the Council to redirect and bury overhead high tension electrical cables underground in order to facilitate the development of the land for tennis club facilities and a new car parking area.
- The construction of the new tennis club facilities and car parking area so that the tennis club currently on the Brightwells site can relocate.
Geoff French, Chair of the Enterprise M3 Board, said: “The Brightwells Regeneration Scheme is exactly the type of project that the Growing Enterprise Fund was established for; one where the Fund can play a critical role in bringing forward development opportunities that will bring more jobs and homes to the Enterprise M3 area. We are very pleased that we can help do this in Farnham at this time.”
Commenting on the award of the funding, Cllr Adam Taylor-Smith, Councillor with responsibility for Economic Development & Major Projects at Waverley Borough Council, said: “We are delighted with the award of funding by the Enterprise M3 Growing Enterprise Fund and the recognition that the Brightwells Project is in line with national economic objectives to get the UK economy moving. The funding will enable us to move forward with this significant investment in Farnham and to breathe new life into a run-down part of Farnham far sooner than we could have hoped for bringing much needed new homes, jobs, shops and a cinema to the town.”