A DEVELOPER has been signed up to build a £140m business park tipped to create more than 3,000 jobs and boost the economy by £495m in little over a decade.

Richardson Barberry has been selected to deliver the proposed expansion of Aycliffe Business Park, with more than 1.75 million sq ft of business and industrial units and the potential to accommodate a rail freight interchange.

The West Midlands-based company's other work in the North-East includes two phases at Freemans Reach in Durham and the city's Milburngate project.

The announcement will be made at the MIPIM property and investment show in Cannes today– suggesting a planning application to Durham County Council for the 116 acre Forrest Park site is imminent, with a decision expected later this year.

The scheme is led by joint venture company Forrest Park Newton Aycliffe Limited and secured £13m from the Local Enterprise Partnership, which leaders hope will lever in private investment.

The plan includes business, industrial and distribution units of various sizes, a trade park and amenities including food outlets and a pub.

Preparatory work onsite including a new substation, service connections and road improvements have already been done.

Economists believe Forrest Park could create 3,200 jobs and deliver a gross value added economic boost to the area of £495 million in ten to 15 years.

Jonathan Robinson, director of West Midlands-based Barberry Developments, said: "Working alongside Durham County Council, the Forrest family and the Local Enterprise Partnership, we will create a business park that provides a wide range of high quality accommodation that will attract major investment and jobs to the region."

Cllr Carl Marshall, Durham County Council's cabinet member for regeneration, said: "Providing land for developments like this is a critical part of supporting the creation of more and better jobs for our residents and the appointment of a delivery partner is the next piece of the jigsaw in bringing these to fruition."

Aycliffe Business Park is already home to around 500 companies and around 10,000 employees.

Mr Robinson added: "The LEP funding clearly illustrates a valuable commitment to fast-tracking the new infrastructure improvements, including a new 24MW primary substation, connecting services, and a new highways access that will enable us to bring forward the development pipeline and investment necessary to attract occupiers and new jobs to the North East.

"The LEP's commitment has already provided comfort to several local, regional and international businesses we are speaking to, illustrating Forrest Park's imminent delivery and opportunity to provide them with a suitable business premises that can satisfy their occupational requirements."

Ben Holmes, director on behalf of Richardson, said: "Richardson and Barberry have a successful and longstanding relationship that spans over 35 years, having completed numerous developments together. We are very much looking forward to working together again delivering a circa 1.75millions sq ft scheme at Forrest Park."