A new industrial quarter is set to arrive in Redcar with the transformation of a South Tees Development Corporation site. In order to bring the work forward in the first quarter of 2019, the government made an investment of £14 million.
“Our investment of £14 million 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,” commented Jake Berry MP, Northern Powerhouse Minister.
“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,” Mr Berry added.
Work to establish construction access and utilities, as well as a new spine road and a roundabout will begin shortly, with new commercial tenants expected on site from 2021. Once completed, the quarter will help create 500 new jobs and ttract over half a billion pounds of private sector investment.
“Government has committed £137 million to the Development Corporation over the last year, and this latest £14 million 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,” said Tees Valley Mayor and Chairman of the South Tees Development Corporation, Ben Houchen.
“This £14 million 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,” Mr Houchen concluded.