Sunderland gets further major boost with £100m riverside regeneration deal

Legal & General has backed an extensive masterplan for the regeneration of Sunderland’s city centre following a £100m deal with Sunderland City Council.  

Legal & General will aim to deliver three buildings on the former Vaux Brewery site and form part of the wider Riverside Sunderland regeneration project.

The firm has identified ‘vast potential’ seen in the council’s plans for Sunderland as the key driver for its investment. It is hoped that Legal & General’s vote of confidence will accelerate the transformation of the former Vaux site as well.

Led by Sunderland City Council, newly released CG images show a reimagined riverscape with new commercial and housing developments.

Legal & General’s investment seeks to deliver three new commercial buildings, comprising up to 300,000 sq ft of Grade A office space including the new Sunderland City Hall.

The funding could act as a catalyst for wider regeneration, driving regional economic growth and job creation within Sunderland.

Nigel Wilson, CEO of Legal & General, said: “Sunderland City Council has drawn up a visionary plan for Sunderland; a city ripe for economic growth, having historically lagged behind its Northern neighbours.

“As seen with our other Future Cities investments in areas such as Oxford, Leeds, Bristol, Newcastle and Cardiff, a long term patient capital injection can completely transform towns and cities.

“This can have a direct social impact, creating real jobs and supporting real wage increases, whilst creating a virtuous circle by generating income to pay pensioners.

“This is Inclusive Capitalism at its best. We hope our investment today will accelerate regeneration plans for Sunderland, attracting further capital to support the vast potential of this city.”

Council leaders have promised there is more news in the pipeline, as work moves apace on a £1.5bn programme of transformation across Sunderland. 

The business community also had their say on the project.

Helen Golightly, chief executive of the North East Local Enterprise Partnership (North East LEP), commented: “Today’s announcement is a fantastic boost for the city of Sunderland, and another very significant demonstration that the North East is an incredibly investible region.”

Meanwhile, Ellen Thinnesen, chief executive of Education Partnership North East, added: “This is a city that is taking control of its own destiny and driving change through positive, proactive development.

“Sunderland College made a £30m+ investment in City Campus just three years ago, and during the period that’s followed, the rate of change in the city centre has been gathering pace.

“Today’s announcement is hugely significant and I’m thrilled to see yet-more investment flow into the city.”

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