Deal signed for Development Corporation to acquire 1420 acres at former Redcar steelworks
Former Redcar steelworks set for ‘huge multi-million pound projects’ as Development Corporation acquires 1,420 acres
The South Tees Development Corporation is acquiring 1,420 acres of land on the former Redcar steelworks site.
Tees Valley Mayor Ben Houchen has formally signed off on the deal, which was approved last month by Tata Steel Europe’s board and includes close to 2km of prime river frontage.
The Development Corporation will now be able to kick-start negotiations with potential investors and push ahead with projects to transform the site.
The most advanced of these projects are expected be on Tata land – the site’s most immediately developable section.
In January, Northern Powerhouse Minister Jake Berry MP confirmed that the Development Corporation’s bid for £14m to deliver the first of these projects was successful, bringing the Government’s commitment on the site since 2017 to £137m.
Since the Prime Minister launched the South Tees Development Corporation in August 2017, the company has had over 100 enquiries and created a potential first-phase investment pipeline of £10bn.
Its aim is to create 20,000 jobs for the region during the next two decades.
Mayor Houchen said: “The site we have acquired today is about the size of Gibraltar and it marks such an important part in our journey to bring the site back to life.
“It has taken a lot of blood, sweat and tears, but it means we can go back to our pipeline of investors and show them that we now have the land for their huge, multi-million pound projects.”
He continued: “We will continue to work with them to unlock the investment opportunities which will deliver jobs for local people.
“Although this is a long term project, this deal today will prove to be one of Teesside’s most important milestones in decades.”
Speaking further, Mayor Houchen said another bid for further government support will be submitted later this year.
He added: “We have already received £137m since I was elected, and I’m determined to go even further to ensure central Government coughs up and fully supports this project.”
SSI owns the remaining 870 acres of land, but negotiations to secure what’s left are ongoing.
If an agreement is not reached, the Tees Valley Mayor has promised to start compulsory purchase proceedings in March.
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