News Update
New Skills Academy for London Thames Gateway
Tower Hamlets College has announced the launch of a new flagship financial academy near Canary Wharf. The National Skills Academy for Financial Services (NSAFS) www.nsafs.co.uk will open later this month at the former George Green Grammar School on East India Dock Road. The Victorian building has undergone a £5 million facelift, and been transformed into a state of the art training centre, offering qualifications in subjects such as mortgage and financial advising and investment banking.
The Poplar college was selected by the Government to be London's centre for the NSAFS, charged with delivering excellence in skills training and development. Courses will range from GCSE to foundation degree level, helping school leavers into careers and those already in the industry to progress. The academy will also work in partnership with Canary Wharf businesses, providing opportunities for work placements and ensuring the curriculum supplies the relevant skills for a career in the financial sector.
By 2010, the academy hopes to see 600 students through its doors each year. Last year, more than 100 of the college's students found permanent jobs in the finance industry. The Employment Solutions team, the college's careers advice unit, will also be housed in the academy.
Speaking about the launch, Aman Dalvi, Chief Executive of Gateway to London said:
"The launch of the National Skills Academy for Financial Services adds to London Thames Gateway's position as a leading centre for further education (FE). The region now has eight Higher Education and dozens of FE institutions, which equip people with valuable workplace skills across a range of sectors."
"I am delighted that Tower Hamlets College has been selected by the government to manage this world class learning centre, and am looking forward to the region continuing to grow as a leading location for financial services."
Lewisham Gateway gets go-ahead
Lewisham town centre's regeneration has taken a major step forward, following a decision by Lewisham Council's strategic planning committee to approve proposals for the £250 million mixed-use Lewisham Gateway development www.newlewisham.com. This decision means that work will begin on site later next year, with the scheme being completed in a number of phases over a 6-year period.
The Lewisham Gateway proposals, which are being delivered by a consortium comprising Muse Developments, Taylor Wimpey and the London Development Agency, will reconnect Lewisham's main shopping centre with the train and DLR stations, and the bus interchange. They include a new urban park and town square, shops, cafes and restaurants, a multi-screen cinema, offices, space that could be used for an extension to Lewisham College, an improved bus interchange and up to 800 new homes.
Commenting on the announcement, Aman Dalvi, Chief Executive of Gateway to London said:
"The Lewisham Gateway scheme will deliver a much needed new retail and office heart for the borough and the whole of London Thames Gateway."
"This announcement is great news for local businesses, and a big boost for the region's commercial offer."
Romford wins top regeneration award
Romford has been awarded a prestigious regeneration accolade for its Romford Revival strategy. The Havering town was one of nine winners of the British Urban Regeneration Association (BURA) 2007 Awards for Best Practice in Regeneration, and the only winner from London and the South East.
Romford Revival was a strategy implemented by the London Borough of Havering following increased retail competition with the opening of Lakeside and Bluewater shopping centres in the late 1990s. The strategy restored investor confidence, and has now succeeded in securing over £400m of private investment.
Markets remain strong across the region
An interesting trend is emerging in demand for office space across the region, as a recent report from Moody's Investors Service found www.moodys.com.
While demand continues to outstrip supply in Docklands, with Canary Wharf Group's vacancy rates at just 0.5% out of 7.9 million sq ft, equivalent to less than 40,000 sq ft. Further west, there are perhaps initial signs of a slow down. Moody's report identifies the City of London as somewhere where much of the office space under construction has yet to find a tenant.
"We will watch with interest the changing demands on the property market and are encouraged, especially in light of recent fears, of a down turn in the property market, that Docklands continues to be in demand. It is of course good news that construction of major new schemes continues apace in the City", said Aman Dalvi. "It shows the region's resilience, and we are confident that the long term future of the market in the London Thames Gateway is secure".
Moody's report covers 24 cities, scoring them out of 100, with higher scores more attractive to investors in commercial mortgage-backed securities. They found that the Scottish cities of Glasgow and Edinburgh had the best ratings after London's Docklands, followed by Madrid, the La Defense district of Paris, and London's West End, which charges the highest rents in the world. Other cities covered by the report include Amsterdam, Barcelona, Brussels, Milan, Munich, Rotterdam and Stockholm.
