Sunderland Council paid £22m for Vaux site

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COUNCIL chiefs paid Tesco £22million to bring the Vaux site into public ownership.

City leaders are celebrating after buying up the prime 26-acre site seen as the key to Sunderland city centre’s regeneration.

The price was initially kept under wraps, but the council has now released the figures.

The Homes and Communities Agency provided £20million, One North East contributed £1million and the council contributed the final £1million.

A council spokesman stressed the sale price was verified independently by valuation experts.

Council leader Paul Watson said: “We can now look to major development at both the Vaux site and the Roker Retail Park. Vaux is a regionally significant site and this is the largest redevelopment opportunity that the city centre has ever seen.”