Marick appointed Development Manager by Legal & General IPIF
18 August 2020
A deal has been agreed to bring forward a £60m Sunderland regeneration scheme that could support the creation of 1,600 jobs.
Legal & General, on behalf of its Industrial Property Investment Fund, has signed a deal with Sunderland City Council to redevelop the 61.8-acre Hillthorn Park site in Washington into a manufacturing hub.
As part of a two-phased development plan, which is subject to planning consent, Legal & General intends to develop about 620,000 sq ft of industrial space over nine new commercial buildings.
Each development will be funded, procured and developed by Legal & General, before being marketed to a range of occupiers, creating jobs for people in the region.
Designed to support the needs of industrial, storage and distribution businesses in the area and support economic growth, it is set to complements the nearby International Advanced Manufacturing Park (IAMP).
Paul Edwards, director of asset management at LGIM Real Assets, said: “As a business, we have a strong track record of working in closely with local councils and communities to invest in and deliver important infrastructure and regeneration which responds to the needs of the local area, and which enables long term job creation.
“We believe that these latest plans will transform the Hilthorn Park area in terms of creating jobs which will be essential for the local economy in the post Covid-19 recovery phase.”
Cllr Graeme Miller, Leader of Sunderland City Council, said: “We listen to our residents and this deal reflects that. We have worked with partners to ensure that this site is developed in a way that creates the greatest economic advantage for the city, and this is a deal that will deliver new job opportunities for local people and attract more businesses to Sunderland.
“It is yet another phenomenal investment deal for the city that will see Hillthorn Park developed into an economic driving force.”
Part of the Washington site has already been designated as an Enterprise Zone, having been identified by the government and the North East Local Enterprise Partnership (LEP) in 2012 as a key location for new economic development.
Helen Golightly, chief executive of the North East LEP, said: “Hillthorn Park is ideally situated, with the infrastructure and connections in place to enable this exciting new development to hit the ground running and in turn attract more businesses to the North East.
“As the North East works together to grow its economy after the impact of Covid-19, and we continue to take steps towards achieving our goal of creating 100,000 more and better jobs, the news of another Legal & General’s investment in the region is a welcome boost.”
The new plans replace previous proposals to develop a waste to energy site at Hillthorn Park.