A MASSIVE 1,500,000 sq ft programme of office and factory development which will lead to the creation of 5,000 jobs in Tyneside and the North- East has been announced by UK Land Estates.
The programme of new developments was be revealed as Secretary of State for Trade and Industry Stephen Byers MP who opened the first phase of UK Land Estates' latest Team Valley development, Princes Park, yesterday.
It will provide space for 11 businesses employing almost 300 people in 225,000sq ft of factories and offices.
Speaking at the opening of Princes Park, UK Land Estates Executive Chairman Sir lan Wrigglesworth said: "The second phase of this development will be carried out by our new Partnership with Northumberland Estates. The Partnership marks a step change in our business and we have ambitious plans for future developments. This reflects our confidence in the region and its economy. Already in the pipeline we have another 323,000 sq ft on the Team Valley plus 175,000 sq ft elsewhere in Gateshead; 57,500 sq ft in Newcastle; almost 100,000 sq ft in South Tyneside; and over 150,000 sq ft in Newton Aycliffe.
"But probably the most important development, not least because it is on the border of the Secretary of State's constituency, is that we have acquired the freehold of the Tyne Tunnel Trading Estate.
"This provides us with one million square feet of factory space and 40 acres of development land. We have plans to improve the facilities, let the vacant properties and to develop an additional 600,000 sq ft of high quality factory and office space. We regard this as a strategic long-term acquisition which
dovetails in with the extensive development land at Shiremoor and Holystone in North Tyneside and on other sites up the A19 corridor owned by Northumberland Estates.
He said UK Land Estates expects expect the trading estate to make a major contribution to the economic development of North Tyneside and South East Northumberland over coming years.
"We estimate that these developments will lead to the creation of five thousand jobs and other plans for further major developments are also under consideration."
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