Gateshead council has launched a search for a development partner on what it claims will be the UK’s largest housing regeneration project.
The £1bn project will regenerate 25 sites within the Bridging Newcastle Gateshead housing renewall area in the Tyne and Wear town.
The council will appoint either a lead developer or consortium to deliver more than 2,500 family homes as well as improvements to existing homes in Central Gateshead.
Gateshead is the focus of several other regeneration projects including the £300m Baltic Business Quarter and the Gateshead town centre and Quayside redevelopments.
Councillor David Napier, cabinet member for safer stronger communities, said: “With increasing pressure on public sector finances, maximising the return from assets over the longer-term and securing greater levels of private sector finance may well prove essential.
“By partnering with the private sector, our dependency on central government grants should reduce, providing us with greater economic and policy freedoms to direct resources to where local people say we should direct them.”
