Below, please find a record of frequently asked questions and their answers.
Who are the Allerdale Investment Partnership?
Established in Spring 2014, Allerdale Investment Partnership (AIP) is an innovative partnership between Allerdale Borough Council and the founders and owners of fund administrator IAG.
Allerdale Borough Council is responsible for an amazingly diverse landscape and population across the northwest of Cumbria. The area is made up of distinct urban areas, forests, fells, farmland and lakes, as well as fertile coastal plains, including an Area of Outstanding Natural Beauty which stretches along the Solway estuary. Its population of 96,400 is spread throughout bustling modern town centres, historic market towns, hugely popular tourist destinations and miles of beautiful countryside.
IAG is a fund administrator founded in 2000 with close to £12 billion under administration. IAG works in a variety of sectors, but with a particular focus on property and development in the UK, from care homes and leisure to offices and shopping centres.
What is The Allerdale Investment Partnership?
Allerdale Investment Partnership has one key aim – to generate significant economic investment in this area of West Cumbria. Jobs and training opportunities will be created, key areas will be regenerated, new homes and businesses will be built.
The Partnership will arrange and manage appropriate exits to operators to deliver housing, food or other retail, commercial or employment opportunities to the area.
It will also have the capability to acquire identified sites within the town to enhance sites or meet specific strategic community objectives to ensure Allerdale continues to be an attractive and sustainable place ‘to live, work and play’ and meets the needs of families and employers.
The Partnership will be an equal 50:50 Limited Liability Partnership, with both partners sharing the enhanced value on an equal footing and having an equal say in the decision making and governance processes.
Each Partner brings its specific skills, experience and relationships to the Partnership; Allerdale Borough Council will bring strong strategic and political links, as well as significant local and regional knowledge, helping to identify the needs of the local communities.
The founders and owners of IAG bring investment, commercial expertise and market relationships.
Together the strengths and expertise of both Partners will ensure that the Partnership will successfully deliver Project Plan objectives and, critically, ensure the Partnership meets the Council’s strategic and community priorities and targets.
It is thought this joint venture between a local authority and a commercial partner, each with very distinct roles, is unique. It is a new way of regenerating areas which have a low land value and it is the hope of the founders and owners of IAG that its success could change the way the land market works in the UK.
How will the Allerdale Investment Partnership benefit the community?
The Allerdale Investment Partnership will enable strategic borough-wide planning, bringing new housing, retail, leisure and hospitality venues in locations where they are needed.
It will also generate significant funds for the Council that will be reinvested in high-quality strategic projects across the area.
Allerdale Borough Council’s mission statement declares that this area of West Cumbria is a great place to live, work, visit and do business. Allerdale Investment Partnership aims to give this special place an even brighter future.
When will the projects commence?
The projects have already commenced.
How many jobs will be created?
Whilst it is difficult to give precise figures, we envisage that a number of jobs will be created in every project undertaken by the Allerdale Investment Partnership. Significant local employment opportunities will be generated during both the construction phase and subsequently in any commercial and retail developments undertaken as new businesses move in.
With the certainty of new business, there can be better planning of local employment and training opportunities with job centres, as well as improved links with schools and training providers.
Will the projects be environmentally sustainable?
The Allerdale Investment Partnership is committed to high standards of environmental sustainability throughout the whole design process to ensure protection and enhancement of the built and natural environment.
The projects will be planned from the outset to foresee and mitigate any potential adverse environmental impact. The projects are, and will continue to be, the subject of scrutiny by statutory bodies including environmental protection agencies. The new build works will be of a high design quality in keeping with the location and will comply with modern standards of environmental sustainability.
How can you find out more about the projects?
Each project will have its details listed on this website as and when they become available.
Please check back here regularly for more information.