Samih Sawiris, Chairman and CEO of Orascom Development, and Gerard Buffiere, Chief Executive of Imerys SA, formally signed the agreement which establishes Eco-Bos as the joint venture company to take forward the development. The signing ceremony took place at the new Eco-Bos offices based at the Brunel Business Park, in St Austell.
The Eco-Bos plan involves the re-development of six former china clay mining sites owned by Imerys across the mid-Cornwall china clay area.
The integrated and sustainable development is planned to offer more than 5,500 homes, a range of commercial developments aimed at job creation in the region as well as leisure and recreational facilities (a hotel and marina), sustainable transport infrastructure and up to 500 hectares of green space. When complete, these plans will create a pioneering, low carbon, sustainable location to live, work and visit as well as bringing significant improvements to facilities and quality of life for existing local communities.
Significant work has already been undertaken as part of the planning and public consultation process and, subject to planning approvals, the pilot phase of the project is expected to commence during the first half of 2011.
A new Managing Director has also been appointed to lead Eco-Bos. Alex Yule-Smith is a highly experienced senior manager with a proven track record in company and project management across the banking and international equity finance sectors. He joins Eco-Bos from J.P. Morgan Cazenove, where he was a Managing Director in Equity Capital Markets.
Samih Sawiris said: “Orascom Development is delighted to have completed the signing of the joint venture agreement with Imerys and we look forward to continuing to work together on this incredible opportunity to deliver a truly special town development. At Orascom Development we are committed to the positive transformation of Mid-Cornwall and to working with the community to maximise the economic, social and environmental benefits this will bring.”
Gerard Buffiere said: “Imerys takes very seriously its role as a major industry and employer in Mid-Cornwall and as a socially responsible company we are equally committed to being involved in the sustainable regeneration of land previously used for china clay production. We are delighted to have such an experienced town developer and operator as Orascom Development as our partner in this project and to also have Eden’s expertise in sustainability and environmental development. We look forward to working with them and the local community over the coming years as these exciting proposals come to fruition.”
The Eco-Bos project is a further capitalisation on Orascom Development’s integrated development model, under which fully fledged towns offering homes, employment, leisure facilities, community developments such as town centres and other key social and healthcare amenities are provided.
The Eco-Bos project is one of only four schemes nationally to be awarded Eco-town status by the Government. It is focused on six former industrial china clay mining and processing sites owned by Imerys at West Carclaze, Baal, Par Docks, Goonbarrow, Blackpool and Nanpean / Drinnick.
The Eco-Bos name for the joint venture company takes its identity from Eco, representing the commitment to sustainability throughout the project, and Bos, from the Celtic or Cornish word for home.
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