15 The Department seeks to hold EP to account for the delivery of this project. The delivery of housing under the project contributes to the Department's and EP's corporate targets. The Department is responsible for holding EP to account and, given the high profile of this particular project, reviews progress with EP twice yearly.
16 EP's ability to influence and work in partnership with other stakeholders is key to the delivery of its targets. EP can influence the quality and profitability of the project but, as in other regeneration deals of this nature, the contract for the redevelopment of the Peninsula contains few levers for EP to control the pace of delivery, particularly where development would not be economically viable because of high cost to value ratios. In general, where public sector land is sold for housing and a rate of development above the market level is required, the developers will reflect this increased risk in the cost they are willing to pay to purchase the land or may be reluctant to accept the risk at all.
17 There is no single forum for all stakeholders to coordinate their input into the project. There are regular forums, principally a Project Control Group, consisting of representatives from EP and MDL, which meet regularly to review progress and discuss operational issues. EP has also facilitated bilateral relationships with different parties to address various challenges (see Case Study, p.16). But there is no strategic forum, involving all of the project's principal stakeholders, with responsibility for ensuring that the long-term vision of creating a sustainable community is realised. EP and the Department agree that it would be sensible to establish such a forum and are in the process of doing so.