A £100m deal aimed at transforming the fortunes of Sunderland while creating thousands of jobs has been unveiled.

Legal & General has announced today it has backed an extensive masterplan for the regeneration of Sunderland’s city centre, after agreeing the deal with Sunderland City Council.

The investment will pave the way for three buildings on the former Vaux Brewery site and form part of the wider Riverside Sunderland regeneration project.

City council leader Councillor Graeme Miller said: “Today’s announcement is absolutely transformational for Sunderland.

“We are thrilled that the growing belief we have fostered in this city has attracted the backing of Legal & General, and this is just the start of the journey towards a more healthy, vibrant and dynamic city where everyone has the best possible life chance.”

Computer graphics released yesterday show a totally reimagined riverscape, with commercial and housing developments.

The investment from Legal & General seeks to deliver three new commercial buildings, comprising up to 300,000 sq ft of Grade A office space including the new Sunderland City Hall.

The investment is aimed as a as a catalyst for wider regeneration, driving regional economic growth and job creation within Sunderland.

Legal & General chief executive Nigel Wilson said: “Sunderland City Council has drawn up a visionary plan for Sunderland – a city ripe for economic growth, having historically lagged behind its neighbours.

“As seen with our other Future Cities investments in areas such as Oxford, Leeds, Bristol, Newcastle and Cardiff, a long term patient capital injection can completely transform towns and cities.

“This can have a direct social impact, creating real jobs and supporting real wage increases, whilst creating a virtuous circle by generating income to pay pensioners.”

City council chief executive Patrick Melia, added: “Make no mistake, today’s announcement is the single most significant investment story to come out of Sunderland for decades. We are absolutely delighted that the vision we have created for this city is attracting the enthusiasm, support and most importantly financial backing of one of the world’s most significant investors.”