The paper investigates the scale of relocations generated by property-led regeneration schemes and identifies the perceived benefits accruing to occupiers of relocating to such developments. In so doing the implications for the local property market of such moves, in respect of the performance of new and existing developments, are revealed.
Keywords:Property-led regeneration Relocation Displacement Additionality Tyne and Wear
Property-led regenerationUrban policy in the 1980s released supply side constraints in development markets but it is not at all clear that this has made local land and property markets work efficiently over the long term from the point of view of user demand (Davoudi 1992). By concentrating public resources and private investment on specifically designated areas a 'honey pot' may be created. This may then have the effect of displacing activity, investment and jobs from elsewhere with a redistributive rather than a stimulative impact on the local economy (Berry 1993). It is also apparent that not only do property-led urban regeneration policies generate problems in their spheres of operation but their activity also impacts on areas outside those spheres. The strategy, with its focus on a few locales (the city centre, waterfronts), has concentrated development and investment on a few places only. With little investment to go round, other areas have been blighted (Healey 1992).
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