The University of Sunderland has revealed major plans to invest £250m into its campuses and facilities, in a move set to reflect the “transformational change” that is happening in the city.

In the first phase of the decade-long project, the university will inject about £100m into the redevelopment of its St Peter’s campus on the riverside, which is home to the faculties of technology, arts and creative industries, business law and tourism and education and society.

As part of the scheme, a library and student centre will be created, as well as investment into education and research facilities in the growth areas of computer science and engineering.

Funding is also earmarked for its London campus, with plans to include a new location in the heart of the capital’s financial district at Canary Wharf, as well as upgrades to student and staff facilities.

Phase two will build on previous upgrades in health and health-related innovation at the university’s city campus, including the development of the Sunderland Health Innovation Zone and a new sports ground.

Existing university buildings in the city will also be refurbished and updated with improvements in digitisation.

The significant investment builds on the £75m already spent on facilities in the last five years, and is aligned to Sunderland City Council’s programme of regeneration across the city.

The chair of the university’s board of governors, Farooq Hakim, said: “Such an investment will protect and enhance the long-term educational and financial sustainability of the University for both students and staff. It also reflects the university’s care for its people, as we want everyone here to have access to the best possible facilities on our different campuses.”

David Bell, vice-chancellor and chief executive of the university, added: “This investment reflects the standing and confidence of the university as it seeks to fulfil its life-changing purpose. It reflects too the transformational change that is taking place in the city of Sunderland, making it a great place to study, live and work.

“Alongside that, a new campus building in London will support the outstanding work we do in the capital, building on more than a decade of growth there.

“Students and staff will benefit from state-of-the art facilities in both Sunderland and London, enhancing our strong reputation for high-quality learning and teaching, and our society-shaping research and knowledge exchange activity.”