THE North-East has been given a resounding vote of confidence as an excellent place to do business, by Lord Stevenson, chairman of HBoS.

The head of the UK's third largest bank supported the region's efforts for self-improvement during a visit to open the new headquarters of UK Land Estates at the Picture House on the Team Valley.

He said: "The North-East is an excellent place to do business and we are in the region for the long-term."

The event also marked the first anniversary of the joint venture between the bank and UK Land Estates.

During that time, the development portfolio rose in value from £43m to £120m, and the rent roll from £2.1m to £6.3m.

Lord Stevenson said: "The joint venture has acquired development sites, properties with development potential, and some good quality investments.

"It has also pressed on with the development of new and refurbished properties that form part of the £200m development programme. By any standards, this is substantial progress and we are delighted by it."

The contemporary-style headquarters are situated at Queens Park, a new development by UK Land Estates, on Queensway, in the Team Valley, Gateshead.

It provides accommodation for the company's growing number of staff, with room for expansion.

The Queens Park development will contain 225,000sq ft of office and factory space when completed.

Sir Ian Wrigglesworth, UK Land Estates executive chairman, said: "This move marks the culmination of seven years rapid development since we founded the company.

"We are now managing property portfolios with values approaching £200m. Our new headquarters reflect our modern, forward looking approach.

"Since we started in 1995, Tyneside and the North-East has seen a remarkable period of growth. We have grown with the region.

"We have every confidence that that growth will continue and that is reflected in our substantial investment programme. I believe the change in attitudes and aspirations that have developed here over recent years is now embedded and will be the foundation of yet more innovation and expansion in the future."