Thirty development sites across the north-east of
One NorthEast plans to follow the lead of other regional development agencies by setting up a public-private partnership to speed up the development of its brownfield sites.
It will put 1,100 acres of development sites into a 50:50 joint venture in return for private-sector investment.
The agency believes the 30 sites are worth in excess of £30m and will expect a similar commitment from its chosen partner.
The 15-year partnership, which is called the One NorthEast Development Initiative, will own and bring forward the regeneration or sale of the portfolio and manage and dispose of a few remaining investment properties.
Sources said the end value of the developed portfolio could be as much as £200m.
Regeneration director John Holmes said: “The lack of private-sector involvement in the early stages of site assembly and servicing is still a feature of the region’s property market.”
He added: “This project will address that problem, bringing new vigour and expertise to early-stage development and delivery.”
Opportunities include a half-acre city-centre site in
There are also industrial development opportunities of more than 100 acres each at West Hartford in Cramlington and Newburn Riverside in
Similar partnerships elsewhere in the country have attracted fierce bidding, and interest this time is likely to come from some of the developers that bid for a recent deal with Advantage West Midlands.
Langtree Group won and underbidders included St Modwen, Kier and a jv between English Partnerships and Morley subsidiary Igloo.
King Sturge is advising. Bidders have until 29 June to complete a pre-qualification questionnaire.
