Legal & General has committed £100m to back Sunderland City Council’s extensive masterplan for the regeneration of the former Vaux Brewery site.
Proposed as a new core business district, Legal & General’s investment, which forms part of the wider ‘Riverside Sunderland’ project, is supporting the creation of up to 3,000 new jobs.
Sunderland is home to over 5,500 businesses, including 80 internationally owned corporations, employing more than 100,000 people.
”Despite this, there has been a lack of development of Grade A office space and good quality stock within the city centre has been limited. Sunderland, therefore, is a key target for Legal & General as it looks to support the transformation of a city which has seen significant underinvestment for the past twenty years,” said Legal & General in a statement.
Meeting Sunderland’s increasing need for modern office facilities, the £100m investment from Legal & General seeks to deliver three new commercial buildings, comprising up to 300,000 sq ft of Grade A office space including the new Sunderland City Hall.
“Today’s announcement is the single most significant investment story to come out of Sunderland for decades. We are absolutely delighted that the vision we have created for this city is attracting the enthusiasm, support and most importantly the financial backing of Legal & General, one of the world’s most significant investors. Sunderland has been something of a sleeping giant, but it has awoken, and we’re absolutely determined to ensure this city realises every bit of its vast potential,” said Patrick Melia, Chief Executive of Sunderland City Council.