Public Sector Property

09.01.19

Northern Powerhouse minister confirms land transfer deal to unlock major metalworks in Tees Valley

A deal to secure more than half of the developable land at the former Redcar Steelworks has been announced by Northern Powerhouse minister Jake Berry and Tees Valley mayor Ben Houchen, with investment expected to bring over 500 new jobs.

Houchen has said that Tata Steel Europe has agreed to transfer more than 1,420 acres of land at the South Tees Development Corporation (STDC) site to the enterprise with the government’s backing.

Berry also confirmed that the Development Corporation’s bid for £14m to unlock two major metalworks projects had been successful, bringing the total investment into the STDC up to £137m.

The deal is due to be confirmed by both the corporation and Tees Valley Combined Authority (TVCA) later this month once the STDC’s board have met on 15 January to discuss the deal— and the combined authority’s cabinet ratify it on 24 January.

The TVCA’s mayor, Houchen, is also the chairman of the Development Corporation, commenting: “It has taken 18 months of blood, sweat and tears, but I’m pleased to say we have reached a historic deal to secure half of all developable land at the South Tees Development Corporation site.

“Today is a day that will be remembered as the dawn of a new economic era for our area. We have the investors, we have the money to clean up the site, and now we have the land – there’s nothing stopping us now.”

The land is set to be transformed, bringing in over 500 new jobs on the site, growth, and attracting over a half a billion pounds of private sector investment.

Northern Powerhouse minister Jake Berry said the government’s investment demonstrates “commitment to building a stronger more resilient economy in the Tees Valley and across the Northern Powerhouse.”

He noted: “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.

“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.”

The STDC is the first Mayoral Development Corporation outside of London, set up to promote the economic growth and commercial development of Tees Valley by converting assets in the area into investment and growth.

Growth and investment in the north will be at the centre of the conversation at the EvoNorth conference, which takes place on 27 and 28 February in Manchester. Click here to find out more.

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