Eye finance
Building work on the i360 Brighton Eye could start this year with a £14m loan from the council
The state of the West Pier’s remains and the prospect of the Brighton Eye – the i360 – divide opinion. Opponents have concerns about the look of the proposed observation tower, referred to by some as the doughnut on a stick. It will sit at the seafront end of one of our fine Regency squares. Others worry about its financial viability. The West Pier struggled financially before closing to the public. The Palace Pier has prospered in recent times but, despite its success, there have been no signs of a buyer since it was put up for sale.
So why splash £14 million on helping a private business get the i360 off the ground? That’s how much the council wants to lend Marks Barfield Architects, who are behind the scheme. Critics have said that if Marks Barfield can’t raise the full £35 million cost, why should taxpayers’ money be put at risk? David Marks, who designed the London Eye with his wife Julia Barfield, came to Brighton to answer those questions in person.
He said that the London Eye had revived the South Bank area of central London and that the Brighton Eye would have a similar effect here. He added: “It will create jobs and fundamentally underpin the economy of the city. Its scale and design will help raise the profile of Brighton and Hove. People just love going up high to enjoy a good view.”
“The 600ft tower could spur the regeneration of Preston Street and the area around the pier”
Councillor Bill Randall said that the 600ft tower could spur the regeneration of Preston Street and the area around the pier, creating more than 500 jobs. Labour group leader Councillor Gill Mitchell said: “That is an area of the seafront that’s crying out for an anchor attraction. We’ve got an economy that’s flat-lining and banks that won’t lend so it’s right that the council should be bold.” She cited the success of the Falmer stadium and added: “It would be good to replicate that on the seafront.” But she also told the Green administration: “You’re going to have to look at your parking charges because you could scupper the success of a project like this.”
The i360 is expected to attract 700,000 visitors a year with possibly 800,000 in the first year. But even if visitor numbers fall well below expectations, the financial sums stack up, according to Brighton & Hove City Council. It has already helped to secure a £3 million loan for the i360 from Coast to Capital, the local enterprise partnership. On top of the £18 million already raised, this leaves a funding gap of £14 million.
The council intends to lend the money at a commercial rate. As well as earning interest, it will also benefit from a small royalty from ticket prices. It also believes that it will be able to let more of its units under the seafront arches, bringing in another source of income.
A note of caution was sounded by the opposition Conservative group leader Councillor Geoffrey Theobald. He said: “Council officers and the administration need to take a very careful look at the numbers. The benefits are very large and so are the pitfalls.”
With plenty of work planned in the area anyway over the coming year, it’s a good time to start building the i360, which was given planning permission almost six years ago. The refurbishment of the Regency Square car park is expected to be completed this summer. In October work is due to start on strengthening the arches to the west of the West Pier site. This could add to the traffic jams along the seafront. Similar work is scheduled to take place east of the West Pier from next March.
A deal could be signed off within six weeks. And work on the i360 could start in October. There are searching financial and practical questions to be asked in the meantime. And for some, it looks like an uncomfortable gamble. But if it’s even half as successful as the London Eye, many will regard £14 million as a price well worth paying.
