Govt deal to help create 500 jobs and new industrial quarter at former Redcar steelworks
The Government is investing £14m in the South Tees Development Corporation, paving the way for the creation of hundreds of new manufacturing jobs in the Tees Valley.
Announced today, the deal will transfer over 1,400 acres in Redcar to the STDC and take the total investment to £137m.
It will look to transform the land, formerly home to the Sahaviriya Steel Industries (SSI) facility, to create up to 500 jobs and attract more than £500m of private sector investment.
Northern Powerhouse Minister Jake Berry MP met Tees Valley Mayor Ben Houchen at the STDC site to mark the deal.
Mr Berry said: “Our investment of £14m 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.”
He continued: “[The investment] 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, and ensuring the Tees Valley is truly open for business as we are set to leave the European Union.”
Work to establish construction access and utilities, along with a new spine road and roundabout, will start during Q1 2019.
New commercial tenants are expected to be on site from 2021.
Mayor Houchen, chairman of the South Tees Development Corporation, commented: “Government has committed £137m to the Development Corporation over the last year, and this latest £14m funding is vital to kick-start immediate work to redevelop land to help spearhead the transformation of the area.
“These huge schemes will deliver hundreds of quality jobs for local people, drive growth for the Tees Valley economy and continue our history of manufacturing excellence.”
He added: “This £14m shows Government is continuing to listen to us and this is another step closer to the Development Corporation becoming a massive success story for not just the North East but for the UK.”
The deal was welcomed by the director of the Northern Powerhouse Partnership, Henri Murison, who expects it to “help bring immense economic opportunity for years to come”.
Mr Murison said: “We know the Mayor Ben Houchen and local council leaders, alongside key business figures including Steve Gibson, have worked with diligence and determination to secure this step and it is another example of how devolution reaps reward and is central to building the Northern Powerhouse.”
Speaking further, the Northern Powerhouse Partnership director said: “It was only a few years ago when local Parliamentarians like Anna Turley and the council were picking up the pieces from SSI, and it is now right for all involved to play their part in securing the long term interests of Teesside which we know they are all committed to do.”
Looking to promote your product or service? Bdaily Marketing can help you reach a regional business audience. Request our latest Media Pack →