The SCR JESSICA Fund has led to the successful deployment of over £25m of capital and the start-on-site of eight strategically important development projects in the region. This has generated over £75m of development value and a further £75m of developments being underwritten.
The contribution made by all projects has enabled the Fund to deliver beyond expectations. The balanced portfolio we have created is part of the solution to the challenge of providing the economic infrastructure to enable the growth of the region. SCR JESSICA’s contribution to keeping the region’s economy growing is consequently of excellent value.
Until now the Fund has been restricted to investment in South Yorkshire where it has outperformed all of its targets, and has significantly contributed to the regional economy. However with recycled loans and the injection of new capital investment the Fund is now looking to support development across the whole of the Sheffield City Region. With this additional funding SCR JESSICA is also increasing its scope and will now consider investment in a broader range of employment generating activity as well as mixed use schemes. At the same time, the Fund will look to increase its types of intervention and will continue to work closely with its public sector partners to explore all avenues to bring forward those developments that significantly contribute to the SCR economy.
Examples of our investments to date such as 3 St Pauls Place, investment at the Advanced Manufacturing Park and Gateway 36 in Rotherham demonstrate the ability of the Fund to work in locations that are seen as priorities for the economic growth of the SCR – including Sheffield City Centre, our Enterprise Zones and the Advanced Manufacturing Innovation District.
The focus of SCR JESSICA remains to bring forward a substantial amount of land and new premises, to support the creation and safeguarding of employment. Increasingly we will look to encourage investment in areas that have been identified in the SCR’s Integrated Infrastructure Plan as priorities for economic growth. This strategic approach should also ensure alignment with the SCR’s £300m Infrastructure Fund (SCRIF) that is looking to provide the connectivity, services, quality places and environments that make development desirable and investable.
SCR JESSICA will remain committed to sustainability both financially and environmentally and will continue to target development on brownfield sites and providing modern high quality low carbon space.