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The Allerdale Investment Partnership
The Allerdale Investment Partnership is an innovative approach to promoting economic regeneration in Allerdale. The partnership drives forward development across the borough as part of a strategic approach to managing the council’s surplus assets.
This strategy aims to promote a diverse and vibrant local economy, attracting investment to the area and delivering needed housing, employment and amenities. The partnership also helps to generate capital receipts and any development will bring additional income from council tax and/or business rates income for Allerdale Borough Council.
The partnership is owned and run on a 50/50 basis between Allerdale Borough Council and IAGH3. AIP was formed in April 2014 with KMG, however, these were replaced by IAGH3 when they became the partner in AIP in November 2018.
The council brings its surplus land and its knowledge of the community’s needs and priorities, while IAGH3 brings expertise in finance and asset management and industry contacts to push developments forward. The partners in AIP then share in any profits generated by the development of the land.
All decisions are made by consensus at AIP’s board, with a consultative approach to strategy throughout each development.
AIP is best known for delivering the Lidl store in Maryport while developments in progress include nearly 300 new homes in Workington at Ashfield Road South as well as a new Lidl store, Travelodge and Costa drive-through for Workington.
If you want to find out more, go to the Allerdale Investment Partnership website.