A new chapter for manufacturing in the Tees Valley begins in 2019 thanks to £14m of government investment into the South Tees Development Corporation, bringing the total to £137m.
Today, Northern Powerhouse Minister, Jake Berry MP, met Tees Valley Mayor, Ben Houchen at the South Tees Development Corporation site in Redcar, which is also home to the former Sahaviriya Steel Industries (SSI) site.
The land is set to be transformed and made ready for development creating new jobs, growth and attracting over half a billion pounds of private sector investment.
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.”