Legal & General has agreed a deal with Sunderland City Council for a £60m regeneration development to create a new manufacturing hub.
The investment, from the firm’s Industrial Property Investment Fund, will see the 25 hectare Hillthorn Park site in Washington transformed into a new industrial site for the region. The two-phased development plan – which is subject to planning consent and replaces previous plans for an energy plant - will see Legal & General develop around 620,000 sq ft of industrial space over nine new commercial buildings.
Cllr Graeme Miller, leader of Sunderland City Council, said: “This is a tremendous step forward in our strategy to supercharge the city economy and a massive vote of confidence from Legal & General that will rapidly accelerate our plans for Hillthorn Park. We listen to our residents and this deal reflects that. We have worked with partners to ensure that this site is developed in a way that creates the greatest economic advantage for the city, and this is a deal that will deliver new job opportunities for local people and attract more businesses to Sunderland.
“It is yet another phenomenal investment deal for the city that will see Hillthorn Park developed into an economic driving force.”
Paul Edwards, director of asset management at LGIM Real Assets, added: “As a business, we have a strong track record of working in closely with local councils and communities to invest in and deliver important infrastructure and regeneration which responds to the needs of the local area, and which enables long term job creation.
“We believe that these latest plans will transform the Hillthorn Park area in terms of creating jobs which will be essential for the local economy in the post COVID-19 recovery phase.”