£100m development is set to recharge area
nounced its £100m investment in Sunderland, which will underwrite the development of City Hall and fund the development of two further offices - an additional 300,000 sq ft of Grade A office accommodation - there will soon be yet-more space for ambitious businesses that to be based in the heart of this fast-changing city.
“We can be very confident, having secured this investment from Legal & General and based on the success we have seen with THE BEAM, that we can fill these additional buildings with more highly skilled jobs, and bring that associated disposable income to the city. The ripple effect that will have means business, cafes and restaurants in the area will see the benefit and that has to be the aim.
“Along with investment from us in the transformation of the city centre, the absolute key - and the litmus test of whether our investment strategy is working, is whether or not all of this confidence translates into accelerated private sector investment in the city creating more new places for residents to live and enjoy. The encouraging thing is that we are already seeing that.”
Major investment like the transformation of Gilbridge House into a new HQ for Hays Travel, the development of Tombola’s state-of-the-art campus on the riverside, and the announcement of plans to regenerate the River Wear Commissioner’s Building and Mackies Corner creating speculative office and retail space, will all help attract more businesses to the city centre.
“It’s an exciting time. Add to that our efforts to roll out 5G across the heart of Sunderland, and the work we are doing to improve road connectivity in the city, and it is easy to see why we are creating the right conditions for investors to come and develop new office and business spaces, that will bring more professionals to Sunderland, and that will support the growth of the city centre.
“Sunderland currently misses out on the post-work pound; the lunchtime shopping or the post-work meal in the city centre. By having more people living and working in the heart of the city, we can increase the daytime and evening population in Sunderland, and we can start to stimulate the development of a more vibrant city centre. That in itself creates an environment that retail businesses want to capitalise on, and it becomes that self-fulfilling prophecy – confidence breedingconfidence,”saysMrMelia.
“We have started the effort to address this, and we have seen spaces like Sunderland Software Centre and Hope Street Xchange appear, creating exciting new business hubs that are attracting exciting businesses to the city. Look at the investment by Hays Travel in Gilbridge House – and their expanding team, who will be flocking into the city centre during the day and after work - and we’re really beginning to see and feel the presence of professionals on the city economy.
“This must continue, and that’s our ambition. That’s what investment in Riverside Sunderland will bring, and that’s exciting for businesses in the heart of the city – and it’s exciting for residents too, who will enjoy the benefits of a more buoyant high street that attracts more and better retailers and food and drink providers, keen to capitalise on a regenerating Sunderland.”