More than 1,000 jobs could be brought to the borough after plans for a new business park were unveiled.
A new 82-acre strategic development site has been unveiled by Highbridge Properties, owners of the Cobalt Business Park, in collaboration with North Tyneside Council.
Indigo Park, based on Sandy Lane near Gosforth Park and Wideopen, has the capacity to generate more than 1,000 jobs when it is fully developed.
The site – capable of accommodating in excess of 1.3m sq ft of new manufacturing and distribution space – is available for immediate development.
Estimates for the fully let park have been placed at £100m with bosses at Highbridge keen to offer manufacturers and distributors space which has previously only been available on other industrial sites in the north east.
Adrian Hill, director of Highbridge, said: “We are delighted to have secured this outstanding development opportunity, particularly as the demand for well located large scale manufacturing and distribution units is increasing steadily and the supply of available stock to meet that demand is already at a very low level and reducing fast.”
Mayor Norma Redfearn said: “This development, delivered in partnership with Highbridge, is great news for North Tyneside and the wider north east.
“Indigo Park meets a demand for development opportunities by manufacturing and distribution companies and will provide much needed jobs for local people.”
Knight Frank and Storeys Edward Simmonds have been appointed as agents to market the scheme on behalf of Highbridge.
Simon Haggie, partner at Knight Frank, said: “This is probably the only significant new land release currently in the Tyne and Wear region and its proximity to both the A1 and A19, as well as a large employment catchment, has got to make it an attractive proposition for end users.
“Most agents are bemoaning the lack of modern/new stock in the area, particularly at sizes greater than 50,000 sq ft and this site offers the scale to build individual units of over 750,000 sq ft.”
Established in 1988, London-based Highbridge are experienced developers and have completed many schemes throughout the UK including industrial projects at Peterlee and Sunderland.
But in the region they are best known for Cobalt which is the UK’s largest business park and extends to in excess of two million sq ft and home to more than 12,000 employees, a four-star hotel, nursery, conference facilities and a number of national businesses.