A development partner has been chosen to help take forward the regeneration of the former Swan Hunter site.
North Tyneside Council will lead the development of the 34-acre yard, designated as part of the North Eastern Low Carbon Enterprise Zone, while Kier Property will market the site to attract high-tech manufacturing businesses.
Mayor Norma Redfearn said: “I am delighted that we are able to confirm Kier Property as our development partner for Swans. It is essential that everyone works together to bring in employers who can provide much needed jobs.”
The new partners will deliver a master plan that will create ready-to-move into premises for rent.
The council has already secured £13.8m funding from the European Regional Development Fund, the Homes and Communities Agency and the North East Local Enterprise Partnership Growing Places Fund for infrastructure improvements on site.
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.”