Sector - Commercial
£14M investment to rejuvenate Redcar
Some £14M of government funding is set rejuvenate the Redcar steel works site, by attracting private investment and creating over 500 jobs.
Northern Powerhouse Minister, Jake Berry MP, has approved the investment to transform the South Tees Development Corporation site, home of the former Redcar steel works.
The latest funding award brings the total investment in regenerating the site to £137M, through joint investments made by the Department for Business, Energy, and Industrial Strategy and the Ministry of Housing, Communities and Local Government. The funding is being spent on the home of the former Redcar SSI site to continue supporting job creation and growth in this key Northern Powerhouse region.
Work to establish construction access and utilities, a new spine road and roundabout is set to begin in the first quarter of 2019 with new commercial tenants on the site expected from 2021.
Northern Powerhouse Minister, Jake Berry MP, said: “Our investment of £14M in the South Tees Development Corporation demonstrates this government’s commitment to building a stronger more resilient economy in the Tees Valley and across the Northern Powerhouse.
“This government is firmly behind the Tees Valley, and I’m determined to ensure its people get the most out of the exciting growth opportunities available on their doorstep.
“Our investment of £14M into this site will help transform this derelict piece of land into a burgeoning new industrial quarter, which is expected to create 500 new jobs and attract an extra half a billion pounds of private investment.
“It’s a further demonstration of how we’re helping to build a new golden era for the North East as part of our Industrial Strategy, and ensuring the Tees Valley is truly open for business as we are set to leave the European Union.”
Tees Valley Mayor and Chairman of the South Tees Development Corporation, Ben Houchen, said: “Government has committed £137M to the Development Corporation over the last year, and this latest £14M funding is vital to kick-start immediate work to redevelop land to help spearhead the transformation of the area.
“These huge schemes will deliver hundreds of quality jobs for local people, drive growth for the Tees Valley economy and continue our history of manufacturing excellence.
“This £14M shows government is continuing to listen to us and this is another step closer to the Development Corporation becoming a massive success story for not just the North East but for the UK.”
If you are interested in finding out more about key infrastructure trends today, you may wish to attend the flagship infrastructure exhibition at the NEC in April 2019 : UKIS 2019
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