Glasgow riverside redevelopment to benefit from £2bn extra funding by 2012

As much as £2 billion of public money and private wealth is to be invested in the planned regeneration of the Clyde Waterfront over the next three years, it has been announced.

According to a new study of the planned redevelopment of the Scottish site, some 17,000 jobs have so far been created through work to revamp the 13-mile stretch of river between Dumbarton and Glasgow Green, with around £1.1 billion of largely private investment having been put into the scheme so far.

Now, Scottish Enterprise has revealed that thousands more jobs could be created within Glasgow through the proposed redevelopment of a new 13-acre site on the waterfront.

Not only would such development help to boost the number of tourists heading to the Scottish city, but it would also help to enhance its reputation as an emerging hub for the arts and financial services, with BBC Scotland and STV already residing by the Clyde.

While most of the £2 billion earmarked for the next stage of the scheme is set to come from the public purse, Scottish Enterprise has expressed its belief that private investors will be keen to put their private wealth into the initiative once conditions become more favourable.

’We are confident that what is being created along both banks of the Clyde will present a very attractive proposition for developers and investors when the market recovers,’ Liz Connolly, west region director of operations at the body, said.

Glasgow’s International Financial Services District is home to, among others, Morgan Stanley, JP Morgan, BNP Paribas and Clydesdale Bank.
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