Legal & General to invest £100m in regenerating Sunderland

Legal & General has backed Sunderland City Council’s regeneration masterplan and committed £100m to develop the former Vaux Brewery site.

The site is set to be as a new core business district and Legal & General’s investment, which forms part of the wider ‘Riverside Sunderland’ project, is supporting the creation of up to 3,000 new jobs.

The £100m will deliver three new commercial buildings, comprising up to 300,000 sq ft of Grade A office space, including the new Sunderland City Hall.

According to Legal & General, it should also act as a catalyst for wider regeneration, driving regional economic growth and job creation within Sunderland.

‘Today’s announcement is the single most significant investment story to come out of Sunderland for decades,’ said Sunderland City Council chief executive, Patrick Melia.

‘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.’

Across the UK, Legal & General has invested over £22bn into direct investments such as urban regeneration, clean energy and transport infrastructure.

Last month, Legal & General Affordable Homes committed £750m to new affordable housing projects throughout the country.

‘Sunderland City Council has drawn up a visionary plan for Sunderland; a City ripe for economic growth, having historically lagged behind its Northern neighbours,’ said Legal & General’s chief executive, Nigel Wilson.

‘As seen with our other Future Cities investments in areas such as Oxford, Leeds, Bristol, Newcastle and Cardiff, a long-term patient capital injection can completely transform towns and cities. This can have a direct social impact, creating real jobs and supporting real wage increases, whilst creating a virtuous circle by generating income to pay pensioners.

‘This is inclusive capitalism at its best. We hope our investment today will accelerate regeneration plans for Sunderland, attracting further capital to support the vast potential of this city.’

Photo Credit – Free-Photos (Pixabay)