New business units are to be built on a trading estate after getting more than £1million in funding.
UK Land Estates is leading a project to create 4,886sq m of new business space on the Tyne Tunnel Trading Estate in North Shields.
And it has received £1.35million from the North East Local Enterprise Partnership (LEP)’s Local Growth Fund, which helps support economic asset and infrastructure projects in the region.
The Intersect 19 project marks the first speculative development on the trading estate since the 2008 recession.
Tim Witty, development director at UK Land Estates, said: “The development is fantastic news for Tyneside and the wider region.
“This high specification unit will offer 4,886sq m of modern high bay manufacturing space, good power availability and the capability to provide 20t overhead craneage.
“UK Land Estates are keen to hear from businesses looking to relocate in 2017.”
The £220million Local Growth Fund supports the North East LEP’s delivery of the Strategic Economic Plan, which aims to create 100,000 more and better jobs by 2024.
David Land, board member of the North East LEP, said: “As one of the key employment sites identified in our Strategic Economic Plan, we’re delighted to be able to support this ambitious project that will encourage more business growth and job creation in North Tyneside.
“Businesses in our region, particularly growing SMEs, are looking for new, state of-the-art facilities. By investing and developing in infrastructure we can help create more and better jobs for the North East.”
UK Land Estates was advised by Tynemouth-based Almere Consulting.
Tom Bailey, managing director, said: “We are tremendously appreciative of the support for the project that we’ve had from both North Tyneside Council and the North East LEP.”
Over the past five years UK Land Estates has invested in excess of £5.5million on a programme of refurbishments that have revitalised the estate.
The Intersect 19 development at Tyne Tunnel Trading Estate is one of 12 new projects across the North East to receive investment from the Local Growth Fund.