Member Article

North Bank of Tyne to benefit from £2.48 million investment

The North Bank of the Tyne project has received £2.48 million of ERDF money and match funding from Newcastle City Council and the Homes and Communities Agency.

Funding will be used to develop the North East Low Carbon Enterprise zone on the former Neptune shipyard site at Walker, which will accommodate up to 2,600 sq m of factory space for offshore marine supply chain firms.

The aim is to ready the area for opportunities arising from the Round 3 North Sea wind farms and allow for expansion plans of key investors in the area, including Bridon International Ltd, Wellstream and DUCO Ltd.

Works will create a new heavy load route including improved access between the Walker Quays and the Enterprise Zone and develop the land so it is suitable for development by June 2015.

Communities Minister Baroness Stowell said: “Regenerating this important area along Newcastle’s riverside will mean this strategically important site is back in use, creating jobs and improving long term economic prospects. Government funding and now this latest European funding demonstrates our commitment to making sure the North East Local Enterprise Partnership Enterprise Zone reaches its full potential.

“The work everyone is doing will make the area more attractive to existing and potential investors which in turn means more jobs and better long-term economic prospects for the people who live in and around Newcastle.”

Neil Graham, Head of Capital Programmes at the Homes and Communities Agency said: “Working with Newcastle Council and the European Regional Development Fund this investment will ensure that the Enterprise Zone quickly reaches its full potential.

“The value of North East companies working in the subseas industry is calculated to be £1bn and this support will help ensure that the Tyne remains a key engineering and support centre for the off-shore energy sector. The facilities that will be created through this investment will not only protect existing jobs but also help create new ones.”

Nick Forbes, Leader of Newcastle City Council, said: “The City Council is playing an active role in enhancing economic activity on the Tyne by using its resources to support private and public partners in driving forward development and creating jobs.

“There are increasing numbers of trailblazing companies in Walker Riverside who are leading the world in innovation and technology and we are delighted to be able to bring forward more sites with our partners which will attract inward investment and grow the economy.”

This was posted in Bdaily's Members' News section by Tom Keighley .