Following almost £2 million of investment, a specialist business center created by North Tyneside Council was officially opened in Wallsend today.
Attracting companies from as far away as Aberdeen, the Center for Innovation, located on the Swans North Tyneside site, is now home to a range of businesses.
Its enviable position within the River Tyne North Bank Low Carbon Enterprise Zone has made it an ideal base for small and medium-sized businesses specializing in the advanced engineering, subsea, marine, oil, gas or offshore renewable energy sectors.
The Center for Innovation project has been part financed by the European Regional Development Fund (ERDF), managed by the Department for Communities and Local Government, securing just over £1 million of ERDF investment.
The investment is part of a £100 million project to redevelop the wider site, using a mix of funding from the European Regional Development Fund, Homes and Communities Agency, North East Local Enterprise Partnership, private sector and council investment.
Included in the project, some of which are already complete, are site improvements, infilling a redundant wet berth to create an additional development plateau for investors, dredging the river at the quay edge, quay repairs and new business accommodation.