A MAJOR deal that will result in the regeneration of almost 1,500 acres of land that was once used for steel making has been agreed, it can be revealed.

Tees Valley Mayor Ben Houchen has reached a deal with Tata Steel Europe to secure over half of all developable land at the South Tees Development Corporation site in Redcar.

The land deal, which has already been approved by Tata Steel Europe’s board, will be announced this morning by Mr Houchen and Northern Powerhouse Minister Jake Berry, and will see over 1,420 acres of land transferred to the South Tees Development Corporation.

Mr Berry will also confirm that the Development Corporation’s bid for £14m to unlock two major metalworks projects, announced at last year’s Autumn Budget, has been successful.

Mr Houchen said the news was the "biggest announcement Teesside has received for 30 years" and reiterated the site is the most "exciting development opportunity in the country".

Since it was launched by the Prime Minister in August 2017, the Development Corporation has already seen more than 100 enquiries from around the world, and the most advanced projects looking to base themselves on the site are expected be on Tata land – the most immediately developable section of the South Tees Development Corporation site.

Work on the newly-acquired land will start this year, with the projects expected to bring hundreds of millions of pounds and at least 1,500 jobs for North-East workers.

Negotiations to secure the remaining 870 acres of land owned by SSI in receivership are ongoing.

Development Corporation board members are meeting representatives from the Thai banks today in London in a “last ditch” attempt to agree a deal to secure SSI’s 870 acres on site.

If an agreement is not reached with the Thai banks by February 2019, the Mayor has promised to instigate compulsory purchase proceedings to take back control of SSI’s land.

Tees Valley Mayor Ben Houchen speaking at the formal launch of the Master Plan for the South Tees Development Corporation in Redcar Tees Valley Mayor Ben Houchen speaking at the formal launch of the Master Plan for the South Tees Development Corporation in Redcar

Mr Houchen has called an emergency meeting of the South Tees Development Corporation to approve the deal on Tuesday, January 15. The deal will also require ratification from the cabinet of the Tees Valley Combined Authority on Thursday, January 24.

Mr Houchen said: “It has taken 18 months of blood, sweat and tears, but I’m pleased to say we have reached a historic deal to secure half of all developable land at the South Tees Development Corporation site.

“While the naysayers and usual suspects decried that we couldn’t do it, Teesside has today taken a giant leap forward. Today is a day that will be remembered as the dawn of a new economic era for our area.

"We have the investors, we have the money to clean up the site, and now we have the land – there’s nothing stopping us now.

"I couldn’t have done this without the support and help of every member of the South Tees Development corporation board."

Mr Houchen previously said the site could create 20,000 jobs and drive an additional £1bn per year into the Tees Valley economy.