Member Article

Partnership to generate 'job hotspots'

A new partnership will see 23 sites across the region regenerated with the aim of becoming ‘job hotspots’.

Regional development agency One North East has transferred its 1,000 plus acre development land portfolio, worth £25m, to form a new company, Onsite North East.

It will be a joint venture between the agency and property developer Langtree.

Langtree, which has put match funding into the venture, will manage the project to develop the sites over the next 15 years, with proceeds used to fund further regeneration activities.

The sites are spread throughout the region at locations including Newton Aycliffe, Durham City, Consett, Hartlepool and Billingham.

While they are aimed primarily at developing workspace, warehousing and offices, there are a number of sites that have the potential for leisure, retail and residential uses.

Stephen Barnes, of Langtree, will be the chief executive of Onsite North East. He said: “One North East’s development portfolio offers a unique opportunity to encourage property investment within the region.

“Langtree’s experience and expertise of similar delivery vehicles will greatly assist us in ensuring that Onsite North East is a great success that these sites are developed and that jobs are created.”

One North East chairwoman Margaret Fay said:“We feel this new partnership can harness the potential of these major sites to accelerate regeneration and help the region come out of the downturn in the best possible shape.”

Onsite North East will be based in the Glover Network Centre, in Washington, and will work with a wide range of partners including owner-occupier businesses, property developers, agents and public sector bodies.

This was posted in Bdaily's Members' News section by Ruth Mitchell .