Major firm formed to help renew the northeast
Newcastle’s East Quayside area (bottom left) is one of the sites that’s been transferred to the new company
A regional development agency (RDA) is transferring land worth £25m into a new partnership with a private developer to accelerate regeneration in the area.
One North East has moved 23 sites involving over 400ha into the company Onsite North East, which will help promote development with the expertise of Langtree.
The sites are spread throughout the region from Berwick-upon-Tweed in the north to Redcar in the south.
While the focus will be on developing the land for workspace and offices, there is also potential for leisure, retail and residential uses, a spokesperson said.
The partnership is expected to last up to 15 years.
Stephen Barnes, chief executive of Onsite North East, said: ‘One North East’s development portfolio offers a unique opportunity to encourage property investment within the region.
‘This asset base is the ideal foundation for creating commercial opportunities that will benefit the region.
'Langtree’s experience and expertise of similar delivery vehicles will greatly assist us in ensuring that Onsite North East is a great success, that these sites are developed and that jobs are created.’
This is the second major regeneration public private partnership that One North East has formed to drive forward the region’s property market.
In 2004 the RDA and UK Land Estates formed the company Buildings for Business to develop One North East’s 1,700 properties.
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