Member Article

Swans site boosted by new £8m investment

The Swans site on the River Tyne, a former shipyard subject to a £100m redevelopment package, has secured a further £8m funding package to further its development.

The investment has been secured through the North East Local Enterprise Partnership (LEP), as part of a ‘Growth Deal’ for the North East that was awarded by Central Government last year.

This week, the North East LEP confirmed that North Tyneside Council would shortly receive the funding, to enable it to progress a key piece of work at the site.

The £8m for Swans, which is part of a wider £330m Growth Deal package for the North East, will enable North Tyneside Council and its partners to increase the potential of the site.

The authority is working with its development partner Kier to transform the 13 hectares of prime Enterprise Zone land at Swans into a hub for the offshore, renewable energy and advanced engineering sectors. The regeneration of the site is expected to bringing around 1,000 new jobs to the North East, once the site is complete and occupied to capacity.

The extra £8m will be used to infill a redundant wet berth at the former shipyard, opening up more space for investors.

Bob Paton, chief executive of the North East LEP, said: “Growth Deals were launched to fire up regional economies by creating jobs and supporting key infrastructure projects.

“The Swans site is a prime example of how this type of investment can be used to successfully create employment and ensure key local developments continue to progress. This latest round of funding is designed to support the North East’s leading capabilities in offshore, renewable energy and advanced engineering, areas in which we already have a global reputation.”

The regeneration of the Swans site is one of North Tyneside Council’s highest priorities in relation to export-led growth and job creation. Over £100m is being spent on re-developing the former shipyard, using a mix of funding from the European Regional Development Fund, Homes and Communities Agency, North East Local Enterprise Partnership, private sector and council investment.

The development includes the creation of a brand new business incubation hub for SMEs - named the Swans Centre for Innovation - which is set to be ready by autumn 2015.

Elected Mayor for North Tyneside, Norma Redfearn said: “This latest announcement is great news and will enable us to complete another key milestone in our successful development of the Swans site.

“We have been able to secure this funding thanks to partnership working in the North East, which has brought councils together to work with the North East LEP. This funding - and the Growth Deal as a whole - will not only benefit our borough by maximising the potential of the Swans and other employment sites, but will help boost the wider North East economy by enabling us to put this area on the map for the offshore and renewable energy sector.

“The Swans site is very much open for business. We’ve got the infrastructure in place, a development partner actively working with us to provide premises and employers for the site and now this extra funding that will open up even more space for investment.”

The Swans project is part financed by the European Regional Development Fund (ERDF), managed by the Department for Communities and Local Government, securing £7.855 million of ERDF investment.