North Tyneside Council, in a joint venture with One North East, has bought the mothballed 60-acre Swan Hunter yard – once the focus of shipbuilding in the north east.
The sale has been agreed as officials from both the council and development agency see the yard as a key site in the regeneration of the riverside.
As part of the proposals, Swan Hunter looks set to be transformed into a learning village to help local youngsters get the qualifications needed for new jobs along the river.
Mayor Linda Arkley said: "Swans is key to the development of the while North Bank of the Tyne site – and particularly to the future regeneration of Wallsend.
"This purchase of the site is a significant step forward and now we can focus on how we can deliver our ambitions, together with partners, to ensure North Bank is a driver for both the borough's and region's economy."
David Cramond, One North East director of capital development, said: "The Swan Hunter site played a hugely significant role in the history of industrial development in the north east and will now be at the heart of a new generation of industries that will drive forward the regional economy for many years to come.
"The former shipyard forms an integral part of the North Bank of the Tyne regeneration strategy which has earmarked marine offshore and new and renewable industries as the new businesses to occupy land stretching from North Shields to Walker.
"One North East supported North Tyneside Council's purchase of the site because of its key strategic location and the opportunities for job and business creation that it presents.
"We are determined that the former Swan Hunter site will play a central role in the development of the area and once again contribute significantly to the regional economy."
Martin Swales, the council's strategic director for development, said: "This is a massive step forward for us as a partnership.
"It means we are able to ensure the delivery of an appropriate and timely regeneration programme to create a new economy for the future of the River Tyne North Bank."
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