SUNDERLAND city centre needs to be prepared for a potential boom time, to fully benefit from the influx of both businesses and residents.
The future picture of the city was painted by Tom Whittington, director of retail and leisure research at international property experts, Savills, at a recent event hosted by Sunderland’s BIDs.
The session – attended by representative of around 50 different organisations – looked at the current situation in the city, the main areas of spend and how residential growth could bring as much as £22m additional revenue to the local economy.
According to Tom the planned 13,000 additional homes – 2000 of which are within a one kilometre of the city centre – “will improve performance of existing business and operational resilience.”
Developments such as the, Esports Arena, eye hospital, Culture House, SAFC and Crown Works Studios will all add to the city’s attractiveness and bring in additional footfall – which offers a huge opportunity for both retail and leisure operators.
Tom outlined the priorities to help Sunderland achieve its full potential, which included attracting more affluent people and to build on the benefits of having 20 per cent of students remaining in the city after graduating.
The event – held at the Maker and Faber building – also included a panel discussion about the city, headed up by Tom, retail expert Karen Williamson, managing director of Kirtley Co Alex Kirtley – who are behind the Mackie’s Corner development – director of Culture House, Leanne Littlewood and Jodie Gillespie, Senior Business Investment Officer at Sunderland City Council.
Sharon Appleby, Chief Executive of Sunderland’s BIDS – which include the City Centre BID and the Seafront BID – gave an update on the work of the organisation this year and some of its future plans.
This includes the setting up of a BID charity and a training academy for Foundational Economy Businesses to help existing and new businesses to thrive.
“It is a very exciting time in the city with some real opportunities for growth and for businesses to look at how they can benefit from the influx of people who will live, work and visit the centre,” said Sharon.
“As BIDs we will be involved every step of the way to ensure that businesses are not only fully informed but take advantage of all the opportunities which will help them to succeed.”
To find out more about Sunderland BIDS, please visit sunderlandbid.co.uk