Major works to transform Sunderland’s former industrial heartland into a thriving new urban quarter has been turbo-charged by £30 million of additional funding.
Sunderland City Council and Homes England have agreed a funding package that will help accelerate the ongoing transformation and implementation of the Riverside Sunderland masterplan.
The government’s housing and regeneration agency will provide £29.75 million to support the delivery of critical infrastructure, in addition to previously approved council funding of £49.94 million, taking the total infrastructure investment to almost £80 million.
Image: Sunderland City Council, Faulknerbrowns and Pillar
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The funding package will underpin numerous interventions across the site, which will create around 1,000 new homes, new community infrastructure and 1million square ft of employment space, which is essential to the Council’s social and economic growth strategy.
Immediate priorities include works to the New Wear footbridge and the creation of connections between the new residential development sites at Sheepfolds, Vaux and Farringdon Row.
The funding is helping to leverage significant private sector investment, with contributions from Canada Life, Legal and General, and Placefirst Limited forming part of over £600m already invested in the Riverside Regeneration programme.
Councillor Michael Mordey, leader of Sunderland City Council, said: “Sunderland is growing its reputation as one of the most ambitious and innovative local authorities in the country, leveraging public and private sector investment to deliver a world-class place to live, work and play.
“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’re proud to be leading this from the front.”
Homes England chief executive Peter Denton said: “Riverside Sunderland embodies how it’s possible to breathe new life into a place of huge historical significance for the area, and I’m very happy the Agency can support what is a strong, locally-led vision to become a reality.
“It’s 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.”
The funding announcement signals the latest commitment to long-term partnership between Homes England and North East local authorities, galvanised by the announcement of a Strategic Place Partnership between the Agency and North East Combined Authority on 11 October.
