Member Article

Agency approves £3m funding for business centre development

The board of regional development agency One NorthEast this week approved £3m of funding to kick-start the creation of a major new business development, bringing with it up to 200 new jobs. Work will start on the £5.8m Tanfield Lea Business Centre in County Durham later this year.

The centre is aimed at new and expanding businesses, and will include an innovative lettings policy in a bid to encourage young people to pursue self-employment. It is anticipated its creation will have a positive impact on the whole of Tanfield Lea Industrial Estate, and in particular will act as a catalyst for private sector-led investment and developments on the estate.

John Holmes, Director of Regeneration at One NorthEast, said: “I am delighted the board of One NorthEast has seen the potential of Tanfield Lea Business Centre, and approved £3m of funding to make it possible. “With the right investment the site can be a thriving business community. “The fact the units will cater for young entrepreneurs is even better as if we are to achieve our ambition of this region being a leading business location, we have to ensure the potential business stars of the future are given all the assistance they need to enter self employment.”

Tanfield Lea Business Centre’s innovative lettings policy enables them to stagger rents for Youth Enterprise businesses, so tenants can gradually increase the amount they pay as their business develops. Work is due to start on Tanfield Lea Business Centre in September this year, and is expected to be completed in July next year.

This was posted in Bdaily's Members' News section by Ruth Mitchell .