The creation of a fully circular bypass around Lincoln will give the city a massive boost with the creation of new jobs and housing.
William Wall, director of chartered surveyor Banks Long & Co has welcomed news of a £110 million Government boost – bringing a complete ring road for Lincoln one step nearer reality.
The Team Lincolnshire business ambassador said the investment has the power to help fulfil Lincolnshire County Council’s ambitions to build the Lincoln Southern Bypass around North Hykeham.
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Mr Wall said: “This is great news for Lincoln. A full bypass is essential for a forward-thinking, growing city.
“This scheme is worth celebrating – it holds so much promise for the future.”
The council will have to submit a full business case for the 70 per cent funding of the £154.458 million project.
However, provided it gets final approval, it will only need to pay about £44m towards the build.
Mr Wall added: “The dualling of the A46 from Lincoln to Leicester quickly proved its worth by increasing accessibility to the city.
“The completion of the eastern bypass, offering better access to the rest of the county, is imminent, so the Government’s support for this remaining section is the final piece of jigsaw.
“We have already seen increased interest and demand from national investors, developers and businesses, a prime example being St Modwen Park Lincoln that has attracted occupiers from near and far.
“We are confident this trend is poised to grow further.
“The city has a strong national reputation for its historic environment and quality of life and, together with the wider county, is popular with families because of attractive living costs and educational facilities.
“The road will create scope for further housebuilding and employment-generating developments.
“It will make it more accessible and offer better connectivity to a destination now recognised as a magnet for inward investment, thanks to the continuing growth of the University of Lincoln, which now serves 14,000 students.
“Lincoln’s shopping and cultural amenities have therefore improved significantly over recent years with the regenerated Cornhill Quarter attracting top end brands such as Whistles, Hobbs and Everyman Cinema to the city.”
A complete ring road is also expected to make Lincoln and Lincolnshire a serious choice for people considering relocating from the south east of England and larger regional cities.
The North Hykeham Relief Road project has won what is called programme entry status or preliminary approval meaning that the DfT would expect to fund a scheme subject to certain conditions.
These include affordability aside from Government funding, there being no significant changes to costs, scheme design or expected benefits and that any necessary statutory powers are obtained.
The £120m Lincoln Eastern Bypass from the A158 Wragby Road to the A15 at Bracebridge Heath is nearing completion.
The North Hykeham Relief Road is a southern link that would connect the eastern bypass due for completion by the end of this year with the existing western bypass at the Pennells Roundabout on the A46.
Lincolnshire County Council hopes to start work on the southern bypass in 2025.