This is part of a larger investment into the South Tees Development Corporation, bringing the total to £137 million.
Northern Powerhouse Minister, Jake Berry, met Tees Valley Mayor, Ben Houchen at the South Tees Development Corporation site in Redcar, which is also home to the former Sahaviriya Steel Industries (SSI) site.
The land is set to be transformed and made ready for development creating new jobs, growth and attracting over half a billion pounds of private sector investment.
Work to establish construction access and utilities, a new spine road and roundabout is set to begin in the first quarter of 2019 with new commercial tenants on the site expected from 2021.
Jake Berry said: “Our investment of £14 million in the South Tees Development Corporation demonstrates this government’s commitment to building a stronger more resilient economy in the Tees Valley and across the Northern Powerhouse.
"This government is firmly behind the Tees Valley, and I’m determined to ensure its people get the most out of the exciting growth opportunities available on their doorstep.
"Our investment of £14 million into this site will help transform this derelict piece of land into a burgeoning new industrial quarter, which is expected to create 500 new jobs and attract an extra half a billion pounds of private investment.
"It’s a further demonstration of how we’re helping to build a new golden era for the North East as part of our Industrial Strategy, and ensuring the Tees Valley is truly open for business as we are set to leave the European Union.”
At the Autumn Budget 2018, the Government brought its investment in the South Tees Mayoral Development Corporation to £137 million, with an announcement of up to £14 million to redevelop land on the site upon the submission of a successful business case.
This announcement is part of a wider package of investment into Teesside provided by the government. This includes designating the South Tees Development Corporation as a Special Economic Area enabling further business rate retention and greater long-term investment in the region.
