The company will develop and market the 34 acre site to high-tech advanced manufacturing businesses, with the offer of building bespoke units to organisations’ specific requirements.
Tom Gilman, director for Kier Property, said:
“We’re delighted to have been selected to regenerate this iconic site. It has great potential to breathe new life into the area by attracting high-tech businesses, inward investment and creating new jobs.
“The new development will be of particular interest to advanced manufacturing companies who specialise in off-shore activity due to the great location of the site on the north bank of the River Tyne and purpose built high-spec units.”
The site will house ready-to-move into premises for rent, aimed at businesses that are keen to take up the benefits of being part of an Enterprise Zone, like reduced business rates on a unique site with 300m of quayside frontage on the River Tyne.
The Council has already been successful with £13.8m of funding which will fund infrastructure improvements that have already commenced on the site. This includes providing utilities, access improvements, quay edge improvements and dredging to allow for larger vessels to berth.
The government’s Local Growth Minister Mark Prisk said:
“This is the next step towards a bright future for the North Eastern Enterprise Zone, reinventing this former hub of industry as a business-ready centre for low carbon technology.
“With reduced rates, excellent transport and support for renewable industries, this site has the potential to attract businesses from around the world. I’m confident it will be up and running in no time, creating new jobs for local people and boosting economic growth.”
The Zone also benefits from recognition as one of six Centres for Offshore Renewable Engineering (CORE) – partnerships between Central and Local Government and Local Economic Partnerships (LEPs) that ensure businesses looking to invest in manufacturing for the offshore renewables industry receive the most comprehensive support possible.
CORE status will result in ongoing joint work between central and local partners to continue to develop these local offers, and unblock barriers to investment. It is a commitment to high-level Government support for local investment prioritisation that supports delivery.
Companies interested in leasing space at the site should contact Paul Nicholson at PGN Property Consultants on 0191 264 6638 or Richard Dunhill at BNP Paribas on 0113 237 6661.
For more information on the North Eastern Enterprise Zone see http://www.nelep.co.uk/enterprise-zone/.