THE developers behind Wirral Waters have refuted claims that they are 'land banking' to fund schemes elsewhere.

Wallasey MP Angela Eagle had accused Peel Holdings of effectively taking part in a process in which landowners drive up the 'book value' of land by acquiring housing zone or enterprise zone status, increasing what the land is worth on paper, to borrow against that value to fund schemes elsewhere.

Peel denied the accusation this afternoon, adding that the multi-billion pound development was on track, with a number of planning applications submitted and a lot of preparatory work behind the scenes.

Ms Eagle said: "The Government's house-building targets for Wirral are top-down.

"They don't reflect the needs of Wirral residents and, as ministers know, are not achievable on current brownfield sites.

"Wirral Council is being forced to look at releasing land in the Green Belt.

"This disadvantages Wallasey residents who have been promised new home developments in their community.

"Peel Holdings have been afforded every support by the council, city region and wider public sector to encourage them to develop Wirral Waters.

"To date, they have zero homes, zero planning applications and zero intention of building the 13,500 homes they sought permission for.

"Peel is effectively 'land banking'.

"Wirral Waters was launched with great fanfare and artists' impressions of skyscrapers and office buildings – and it was dubbed 'Dubai on the Mersey'.

"But in reality we now know it was nothing but smoke and mirrors."

In response, a spokesman for Peel told the Globe: "We strongly refute the claim of land banking in Birkenhead and we remain absolutely committed to the regeneration of the Wirral Waters site.

"Wirral Waters has always been a 30+ year regeneration project and it remains on track.

"A lot of hard preparatory work has already taken place behind the scenes including millions of pounds worth of remediation work preparing 60 acres of land, the demolition of over 20 acres of derelict buildings, the installation of new energy infrastructure and drainage - and improving the environment with over 1,500 newly-planted trees.

"We have had to address and solve those very real hurdles to delivery that have beset Birkenhead for decades including acute market failure.

"As with all major scale regeneration projects, collaboration between the private sector, local authorities and central government is critical to success.

"We use the tools on offer from Central Government to help create functioning market conditions.

"Housing Zone and Enterprise Zone status are vital however these designations highlight that Birkenhead needs assistance. "Without understanding and proactively solving those fundamental hurdles to delivery, land values will continue to steadily decline and therefore no land owners would benefit from 'land banking' in the way suggested.

"Peel want to see regeneration right across Birkenhead that helps develop job opportunities, skills and training together with thriving communities.

"We are on with delivery.

"To that end five detailed planning applications have recently been submitted to Wirral Council.

"These include for the first new homes at Wirral Waters through the Belong Village and the £90m Legacy Foundation projects. Further announcements are expected shortly.

"These first housing projects – and the underpinning infrastructure - are essential in creating market confidence in an area that has seen decades of underinvestment.

"Our ultimate target of 13,000 units can only be delivered with true partnership working, an understanding and commitment to the wider masterplan and with the right planning and investment in infrastructure."

The council is currently in the process of drawing up a Local Plan - subject to public consultation - for future development in the borough, which has to be signed off by the Secretary of State.

The Government has a target of 800 new houses per year for Wirral, meaning the council has to identify available land for 12,000 new houses over the next 15 years.

Ms Eagle said: "I am calling on the Tories to empower local authorities to prevent developers from building on Green Belt when allocated brownfield sites with existing planning permissions have not been developed.

"I want to know what steps the Government is taking to support councils like Wirral that have a shortage of brownfield sites by providing exemptions under the proposals for the national plan."