ALMOST £30m of fresh Government funding for the Solent has been welcomed by commercial property experts on the south coast.

However, experts at Vail Williams say that more investment is needed from Whitehall to ensure the future economic success of the region.

Chancellor George Osborne visited Southampton to formally announce the £27m extra funding announced as part of the Growth Deal with the Solent Local Enterprise Partnership (LEP).

That funding will go towards £1.4m of repair work at the Millbrook roundabout, road improvements around Fareham and Gosport and a boost to skills in the region.

It is hoped the extra cash, which will also fund a new National Maritime Centre of Excellence in Portsmouth, will create 1,000 new jobs.

The funding is an expansion of the £124.8m committed to the region last year for projects including infrastructure improvements in Fareham and Gosport. Cash to build flood defences on the banks of the River Itchen in Southampton and improvements to the Red Funnel ferry terminal in the city.

Vail Williams partner Martin Tice said: “This extra investment is very welcome. Through working with our clients and our knowledge of the local area, we understand the progress that is possible in the Solent region through the Growth Deal.

“In particular, the £25m allocated for a new National Maritime Centre of Excellence in Portsmouth will be a major boost for jobs and strengthen the maritime heritage in the city.

“Also, the £15.8m over several years for the transport project to improve access to the Solent Enterprise Centre in Gosport will help to overcome the significant road access issues into the town.

“The £2.6m for new technology to bring the motorway and local road system together is another welcome initiative.”

He added: “I hope this extra money doesn’t mean that anyone thinks the job is done, however. David Cameron has set his sights on ‘full employment’ in the economy – but with the road infrastructure in the region already under severe pressure at peak times we’ll need more investment to help meet this goal.

“In addition, the rail link between Portsmouth and Southampton is in urgent need of investment to improve the journey time between the two cities and encourage people to choose rail over car.”