Homes England has provided almost £30m of funding for the Riverside Sunderland masterplan.
The government’s housing and regeneration agency will provide £29.75m to support the delivery of critical infrastructure, in addition to previously approved council funding of £49.94m, taking the total infrastructure investment to almost £80m.
The funding package will create around 1,000 homes, community infrastructure and 1m sq ft of employment space, which is essential to the council’s social and economic growth strategy.
It will also help to leverage significant private sector investment, with contributions from Canada Life, Legal & General, and Placefirst forming part of over £600m already invested in the Riverside Sunderland regeneration programme.
Sunderland City Council has appointed Avison Young to find a development partner for the next phase of the 94-acre project earlier this year.
Michael Mordey, leader of Sunderland City Council, said: “Securing investment on this scale is only possible because we commit and then deliver – time and time again – and this is a fantastic vote of confidence in our plans for a dynamic, vibrant new urban residential district. We are proud to be leading this from the front.
Homes England chief executive Peter Denton said: “Riverside Sunderland embodies how it is possible to breathe new life into a place of huge historical significance for the area, and I am very happy the agency can support what is a strong, locally-led vision to become a reality.
“It is our job and privilege to help put these plans into action by providing funding and wider expertise, working hand in glove with local leaders to create a sustainable, high-quality place that really works for people.”
See analytics information for Sunderland >>
Image @ Sunderland City Council/FaulknerBrowns/Pillar Visuals
Send feedback to Akanksha Soni
Follow Estates Gazette
