Inverclyde Council leader, Councillor Robert Moran, has welcomed a new £64.5 million fund designed to boost commercial and industrial premises across the Glasgow City Region. The funding, part of the region's City Deal, is seen as particularly crucial for areas like Inverclyde, which have experienced decades of industrial decline.

The Glasgow City Region Cabinet has approved the new City Deal project, which will provide funding for all eight councils in the region, including Inverclyde, to refurbish existing or create new commercial and industrial spaces. The £1.13 billion City Deal is funded by the UK and Scottish governments.

The project addresses a key issue identified in the region's economic strategy: the lack of modern, high-quality commercial and industrial premises. This shortage is due to declining stock and insufficient investment in new or existing spaces.

Councillor Moran stated: "In Inverclyde especially, we have a real shortage of suitable commercial and industrial space that employers are looking for and this is also something that has been raised through the Inverclyde Socio-Economic Taskforce. We have suffered from decades of industrial decline and we have long been calling for greater financial support to allow us to modernise existing premises and look at developing new sites so this new City Deal investment is very welcome. Inverclyde is an area with so much untapped potential and there is so much we could do but we need that extra support from both governments and this additional funding is a positive first step in helping Inverclyde reach its full potential." 

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The £64.5 million project aims to address economic challenges faced by the region, impacting local businesses, employers, investment, and the public sector. Research has shown that there is insufficient commercial and industrial premises available to meet demand. 

Each council in the region is now in the early stages of developing potential projects within the programme. Susan Aitken, Chair of the Glasgow City Region Cabinet and Leader of Glasgow City Council, said, "This is a really significant investment that will increase the amount of modern, high quality commercial and industrial properties available across the city region. It's vital that we address the shortage of suitable accommodation which both local businesses and inward investors tell us they often face if we're to deliver on our economic potential. I'm looking forward to seeing how this project will contribute to growth across the city region and help create jobs in our communities."

The funding will support a mix of new build construction, refurbishment of existing buildings, and enabling activities such as infrastructure investment. A research report commissioned by the Glasgow City Region highlighted the challenge of ensuring sufficient commercial and industrial premises, citing factors such as a lack of private sector development and outdated properties.

The new Enabling Commercial Space Programme seeks to address this market failure, attracting private sector investment, creating flexible business spaces, and bringing vacant and derelict land back into use, ultimately supporting SMEs, supply chain businesses, and start-ups.