City Deal expected to bring investment and jobs
A deal has been struck which is set to attract millions of pounds through private sector investment and create thousands of new jobs in Sunderland.
An official signing of the Sunderland City Deal in partnership with South Tyneside took place today (Monday) at the Unipres manufacturing plant.
The location in Cherry Blossom Way, off the A1290, is close to where plans are being readied for a 100-hectare International Advanced Manufacturing Park (IAMP) as part of the City Deal.
The park land, to the west of the A19, sits across the borders of Sunderland and South Tyneside.
It is predicted it will attract £295 million of private sector investment and create an estimated 5,200 new jobs.
The development, the equivalent of 140 football pitches of new industry and business park, is likely to house automotive, off-shore and other hi-tech businesses, building on the North East region's track record for manufacturing and exports.
As well as the park, the deal confirmed £82.5 million towards Sunderland's new Wear bridge project and backing for developing the city's Vaux site into a central business district.
Signing on behalf of the Government was Cities Minister Greg Clark who was joined by council and business leaders.
Councillor Paul Watson, Leader of Sunderland City Council, said: "Today we have put pen to paper and signed off this key document.
"This is a very significant moment for Sunderland, for South Tyneside and the wider North East region.
"The Government recognises how the City Deal is going to be a catalyst for future economic growth. This park and its regeneration benefits will be seen and felt across the whole North East region and indeed the country.
"Already, we've started engaging with the construction and engineering industry about our new road bridge over the Wear between Pallion and Castletown.
"We're getting on with a building a bridge that people in Sunderland have been campaigning about for 50 years. This river crossing is going to help open up more regeneration opportunities and smooth traffic flows."
Councillor Iain Malcolm, Leader of South Tyneside Council, said: "This deal is of international significance, and shows the scale of our shared ambition and our commitment to economic growth in spite of the difficult financial climate.
"We know there is potential for manufacturing jobs in our region and strong interest in land for advanced manufacturing, and this deal can now move forward and make it a reality.
"Above all, today is about councils and business working together to create the jobs and growth the area needs.
"When it was announced, the deal was being compared in its scale and size to when Nissan first announced that it was moving to the region."