Railway enthusiast Crake Simpson, founder of North Eastern Railway, has announced plans for a £55m leisure and commercial scheme at Tyne Park in Gateshead.
The development, to be built on the site of the former National Garden Festival, is located 150m away from Gateshead Keys and will include a 125-bedroom hotel, 200,000sq ft (18,580 sq m) of offices, a railway museum and educational facilities.
Funding has now been secured for the project from financial institutions and the public sector. The scheme is also receiving considerable support from the National Railway Museum in York.
Simpson, who made his fortune manufacturing office furniture in South Africa, set up North Eastern Railway to handle contracts with British Rail, the Ministry of Defence and the National Coal Board.
EGi News 20/11/01
