Kier Property will now produce a master plan to transform the 34-acre site, secure occupiers for the industrial and office complex and build whatever units the commercial tenants need over the next three years.
The site will be marketed to advanced manufacturing companies specialising in the offshore industry, since it will have easy access to the North Sea, a fully operational 300m quay, heavy-load lay down areas together with associated facilities and infrastructure.
North Tyneside Council has already secured £13.8m of funding from the European Regional Development Fund (ERDF), the Homes & Communities Agency and the Local Enterprise Partnership Growing Places Fund. This is for infrastructure improvements, which have already begun on the site to provide utilities, access improvements, quay edge improvements and dredging to allow for larger vessels to berth.
Kier Group chief executive Paul Sheffield said: “We’re delighted to have been selected to regenerate this iconic site. It has great potential to breathe new life into the area by attracting high-tech businesses, inward investment and creating new jobs.”