UKREiiF | North East Mayor confirms £14bn investment corridor
At a panel event, 23 industrial, commercial, and residential development sites were unveiled, totalling more than 18m sq ft and equating to £4.4bn of investment opportunity.
The North East Investment Prospectus aims to attract international investment from developers, and highlights the region’s credentials in offshore and energy, advanced manufacturing, the creative industries, life sciences, digital defence, and space.
Arup worked alongside seven local authorities and the North East Combined Authority on the plan, which is being launched officially today on the North East Pavilion at UKREiiF.
The plan encompasses a region of 2.2 million people and is centred on the cities of Newcastle, Sunderland, and Durham.
As well as individual development sites, the Investment Prospectus highlights the North East Investment Zone, where the North East Combined Authority is providing £160m to support private sector investment.
It also includes information on the region’s three major ports and airport, and the Leamside Growth Corridor which aims to reopen a major strategic rail route and improve links between North East England and major cities across the UK.
This is the first time the North East Mayor and all seven local authorities have joined forces at UKREiiF, and the North East England brand chose to partner with Place North for its debut.
Starting off proceedings, John McCabe, chief executive of North East Chamber of Commerce and Chair of NECA’s Business and Economy board, said: “This plan is bold, ambitious, but very achievable… It was crafted in the North East, launched in Leeds, and now available to the world…
“I believe the North East Investment Prospectus will unlock new opportunities, attract significant funding and help ensure prosperity reaches all corners of our region.”
Cllr Michael Mordey, leader of Sunderland City Council and portfolio holder for investment at NECA, said: “Our region has much to offer to investors – you only have to look at the huge transformation underway in Sunderland and across the North East to know that it is a safe bet.”
He also highlighted the importance of strong leadership within councils: “Devolution can only work, if local authorities are the foundation.”
North East Mayor Kim McGuinness took to the stage, stressing the importance of being “strong and united, behind a vision for real opportunity.”
She said:“As the first North East Mayor I am truly excited to be driving investment on a scale never seen before to create growth, jobs and opportunity for all…
“We are building new infrastructure, growing skills, and working closely with our Local Authorities to unlock the huge potential we have in these sites.”
Noting the importance of this prospectus to the North East region, she emphasised: “It’s about so much more than money… it’s about opportunity for the people in this region… The North East is open to the world for business. Make sure you don’t miss out on that.”
