AN 'important' study has been launched to assess the potential for developing land in Lowestoft.Urban Regeneration Company 1st East has proposed six key action areas to transform swathes of waterfront land in Lowestoft - and one of these is the potential for the development of a PowerPark in the town.

AN 'important' study has been launched to assess the potential for developing land in Lowestoft.

Urban Regeneration Company 1st East has proposed six key action areas to transform swathes of waterfront land in Lowestoft - and one of these is the potential for the development of a PowerPark in the town.

Now, Bruce Valpy Associates in conjunction with Douglas Westwood Limited, are in the process of completing a study.

Aiming to capitalise on the multi-million pound OrbisEnergy building, the PowerPark would be situated between Ness Point and Hamilton Dock.

Linking with the landmark centre, 1st East proposes to create a cluster of businesses with highly skilled workers in the traditional energy and the emerging renewable energy sectors.

With this in mind, the consultants have interviewed a variety of energy companies across the spectrum, from renewables to oil and gas and nuclear technology.

And Jason Wells, 1st East project manager, said: 'PowerPark is identified as an essential component for the economic development of the town. Other areas of the UK, for example Scotland, recognise and are grasping the significant opportunities to harness the economic benefit that investment in the energy sector can bring.

'Here in the east we have a strong track record in renewable energy and Lowestoft in particular has a lot of natural assets that make it attractive to the industry. As well as valuable quay space there are good linkages to skills providers and extensive experience in servicing the off-shore oil and gas industry,' he added.

The study has been commissioned by 1st East on behalf the team that is advancing the PowerPark, which is made up of representatives from the East of England Energy Group, Renewables East, Norfolk and Waveney Enterprise Service, SLP, Associated British Ports, East of England Development Agency, 1st East, Suffolk County Council and Waveney District Council.

It is hoped that the results of the report will be unveiled next month.