An independent assessment of the viability of the Middle Quinton Eco-town proposal has concluded that the proposed development is unviable with a deficit of £373m. The six local authorities directly affected by the Middle Quinton proposal commissioned CBRE Consultants to undertake the assessment. CBRE have prepared a detailed construction cost estimate and a detailed property market review which has informed their financial appraisal of the proposed development.
Given the scale of the deficit identified, the report concludes that the development is unlikely to support the level of contributions which the local authorities would expect to secure in order to deliver essential infrastructure and services. This means that alternative ways of funding requirements such as public transport, highway infrastructure and education would have to be found, as the development itself could not fund them.
Commenting on the report Councillor Charles Gillams, Chair of the Councils’ Eco-Town Joint Working Group said: ‘The independent assessment confirms our long held doubts about the viability of an Eco-town in this location. It would appear that the development could not proceed without massive public subsidy. Such public expenditure would be better directed to sustainable urban locations where needs can be matched with opportunities and existing infrastructure can be utilised more effectively.’
www.stratford.gov.uk/files/seealsodocs/9380/Middle%20Quinton%20Financial%20Assessment%20%2D%20Feb%202009.pdf
It seems fair to assume that Middle Quinton is pretty average as an eco town site - so mutiply that deficit by 10 Eco Towns and you get an overall cost to the tax payer of over 10 billion quid!
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