The Northern Powerhouse Minister, Jake Berry, has approved funding to the tune of £14 million that will transform a site at the South Tees Development Corporation.
Home of the former Redcar steel works, development of the land is expected to generate hundreds of jobs and more than half a billion pounds of private sector investment.
It brings the total investment into the site to £137 million, and the Northern Powerhouse Minister said it is confirmation of the government’s objectives to invest across the North of England.
He said: “Our investment of £14 million in the South Tees Development Corporation demonstrates this government’s commitment to building a stronger more resilient economy in the Tees Valley and across the Northern Powerhouse.
“This government is firmly behind the Tees Valley, and I’m determined to ensure its people get the most out of the exciting growth opportunities available on their doorstep.
“Our investment of £14 million into this site will help transform this derelict piece of land into a burgeoning new industrial quarter, which is expected to create 500 new jobs and attract an extra half a billion pounds of private investment.
“It’s a further demonstration of how we’re helping to build a new golden era for the North East as part of our Industrial Strategy.”
The funding was announced in the last Budget, with the extra investment allocated to redevelop land on the site, upon the submission of a successful business case.
That business case has now been approved by Mr Berry, with the £14 million to be paid over a five-year period.
It is part of a wider package of investment on Teesside from the government, including designating the South Tees Development Corporation as a Special Economic Area that will enable greater business retention and – as a consequence – better long term investment into the region.
Supporting jobs, regeneration and growth in the area is key to the Northern Powerhouse.