County Durham science park set to become Investment Zone ‘Growth Site’

A thriving County Durham science park is set to be named one of only two ‘Growth Sites’ in the North East, as part of a multi-million pound investment in the region.

The North East Technology Park (NETPark) at Sedgefield, owned and run by Durham County Council, is to become a Growth Site through the creation of a new Investment Zone for the region. The Investment Zone, which will include two Growth Sites and two Tax Sites, is aligned to the £4.2bn North East devolution deal, with Durham County Council and the region’s other local authorities overseeing the development of the plans.

It will see the region benefit from £160m of government money over the next 10 years, unlocking hundreds of millions of pounds of investment from the private sector and creating up to 4,000 new jobs.

NETPark, currently undergoing a major £62m third phase expansion, becomes a Growth Site along with the River Tyne Corridor, while two other hubs in the region will be Tax Sites. At Growth Sites, the council and businesses will have priority access to significant flexible funding which, it is intended, will take the form of a capital-based co-investment programme.

News of the designation for NETPark, one of the UK’s premier science parks, has been welcomed by both the council and a leading business figure on the park.

Cllr James Rowlandson, Durham County Council’s Cabinet member for resources, investment and assets, said: “We are delighted that a new chapter is being written in the success story that is NETPark, through its designation as one of only two Growth Sites in our region.

“It really is an exciting time for the park with the significant investment we have made allowing phase three of the site to come out of the ground. The funding will help existing businesses to grow and thrive, help attract new companies to locate on the newly developed phase three and provide infrastructure funding to unlock further future expansion.

“These really are momentous times for County Durham and the wider North East as we look ahead to the creation of the new combined authority in May, and the prospect of further devolution funding for the region.”

Dr Gary Gibson founded Dyman Advanced Materials on NETPark in 2018 – the second company he has set up on the park – and has worked at the Sedgefield site in various roles for over 15 years.

Dr Gibson, whose venture specialises in the manufacture of synthetic diamonds, said: “NETPark is a great place to do business. The conditions are perfect for companies to thrive, with excellent infrastructure both on the park and wider area, strong support from Durham County Council through its business support service Business Durham, and a genuine sense of being part of a wider technology community.

“We’ll look forward to seeing the details in the months ahead.”

The Investment Zone was first announced as part of the Chancellor’s Autumn Statement in November, with a focus on clean energy and green manufacturing – reflecting the region’s long-standing strengths and increasing prominence as an international hub for clean energy.

By Mark Adair – Correspondent, Bdaily

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