THE redevelopment of Sunderland’s Vaux brewery site is to share in a £40million-plus Government cash injection.
The North East Local Enterprise Partnership (LEP) has agreed an expansion to its Growth Deal which will see an extra £40.6million invested in the region between 2016 and 2021.
The announcement is on top of £289.3million of funding committed by the Government in July.
Among the projects for which money has been earmarked is the creation of a new Sunderland Central Business District on the Vaux site.
City Council chief executive Dave Smith revealed this week that work on site could start by the end of the year.
Also included in the funding unveiled today is Sunderland University’s £9million Enterprise and Innovation Hub, expected to attract and create more than 120 businesses and 250 jobs over five years.
The LEP estimates its Growth Deal could create up to 5,000 new jobs and generate £130million investment.
Chairman Paul Woolston said: “The North East’s economic plan sets an ambitious vision for the North East, to transform the economy and enable more businesses to invest, grow and prosper, delivering more and better jobs for everyone.
“We are delighted government is further supporting our proposals with such a significant investment.”