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Olympic glory woos investors to starting line of Paramount Park in Swanscombe

A computer generated image of the Paramount Entertainment complex and other attractions on Swanscombe Peninsula.
A computer generated image of the Paramount Entertainment complex and other attractions on Swanscombe Peninsula.

The Olympic factor is persuading potential investors in a Paramount theme park to beat a path to the developer's door.

Plans for the £2billion scheme on Swanscombe Peninsula were revealed late last year, with the prospect of 27,000 jobs at the Disney-style resort.

But the scheme's biggest challenge has been attracting enough funds to enable it to get off the ground in a tough economic climate.

Paramount Park special report header

That was one of the reasons why the London Resort Company Holdings (LRCH) consortium hired Chris Townsend, commercial director at London 2012 organiser LOCOG. He helped raise £2bn towards the cost of the Olympic Games and LRCH is confident he can do the same for the Paramount project.

Tony Sefton, project leader, said investors were keen to contact Mr Townsend. "He's not waiting, they are coming," he said. Many were from overseas.

"There has been a very positive reaction from the market and the fact Chris raised £2.4bn for the Olympics, and raised the money for Oyster Card and Sky, gives credibility."

Before London 2012, the UK had suffered from a poor reputation for planning and infrastructure. "The Olympics have been fantastic," he said. "If we hadn’t had the Olympics, they wouldn't be coming because the UK had such a shocking record."

It showed the UK could deliver major projects and Paramount would be the next big post-Olympics project, he said.

Tony Sefton, the man behind the Paramount Park theme park development in north Kent.
Tony Sefton, the man behind the Paramount Park theme park development in north Kent.

Mr Sefton said four government departments were supporting the plans and trying to sort out the various challenges. "Everyone's desperate to prove the UK is open for business."

He said the project was on track to raise a high proportion of the initial £30m to kick-start the first phase of the biggest regeneration project in Europe.

Meanwhile, local councils are working with Paramount park developers to hammer out a scheme that would raise additional funds and make the project even more attractive to investors.

Something like an enterprise zone might offer generous capital allowances, business rate holidays and funding for job creation.

But officials believe the sort of enterprise zone status already granted to east Kent and the old Pfizer site – Discovery Park – in Sandwich might not be the right vehicle.

Tony Sefton, project leader, is in talks with officials from the government, Kent County Council, Dartford and Gravesham councils, to find the right scheme.

Barbara Cooper, KCC director of economic development, confirmed the council's strong support but said an enterprise zone which offers business rate relief might not be right.

"What Tony needs is something much bigger than that. We've agreed to look at what is available. I know the issues now and that's what we can start a dialogue about."

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