£6.83m investment at County Durham’s NETPark to create 1400 jobs

As many as 1,400 new jobs could be created at The North East Technology Park (NETPark) after the Local Growth Fund (LGF) invested £6.83m in the development.

NETPark, located in Sedgefield, County Durham, is due to undergo a series of infrastructure works in the next phase of a plan to deliver new space for high-growth tech companies.

The seven-figure LGF grant will go towards a 1km access road linking the new 26-acre scheme at the north of the park with the nearby A177. Further, the cash will fund the creation of workspace designed for research and development firms.

NETPark is run by the county’s economic development company, Business Durham.

Peter McDowell, Business Durham’s business property director, said: “This exciting next phase in NETPark’s expansion will open up possibilities for growing companies wanting more space, be they existing businesses on the park or companies who want to locate here.

“Many of NETPark’s existing companies have expressed a desire to expand on the park and we’ve also had interest from companies outside of the region.”

Plans for the access road will be submitted in July. If approved, work will get underway in January 2017.

The project is funded by the North East LEP and forms part of the government’s North East Growth Deal. As a key element of the funding, the Local Growth Fund supports capital investments to promote skills, innovation, transport and infrastructure across the region.

The North East LEP’s chief operating officer, Helen Golightly, commented: The Local Growth Fund is designed to help businesses and organisations push forward with major capital projects that will create new jobs and economic growth.

“NETPark is an excellent example of the type of project we aim to support through smart, strategic and focused investment and we are pleased to see the work moving forward.”

The latest investment into NETPark forms part of a 10-year strategy to create 3,000 new jobs and boost the region’s GVA by £400m.