The Wallsend site is now is at the centre of the new North East Low Carbon Enterprise Zone on the North Bank of the Tyne, which aims to deliver growth in the off-shore wind energy sector and other renewable energy technologies, oil and gas exploration and extraction and the advance subsea manufacturing sector.
North Tyneside Council is to re name it Jupiter Parc@Swans to reflect its new function while acknowledging its place in shipbuilding history,
"The Swan Hunter name is an important part of North Tyneside’s local history and future and the company is still thriving as a tenant of the council on the Wallsend site," said elected Mayor Linda Arkley.
"However, Swan Hunter is a company trading name, which can no longer be used for the whole site and it seemed fitting to give it a new name that recognises its revitalisation and the role it will play in the future success of the North Bank of the Tyne as a vital part of the North East Low Carbon Enterprise Zone."
The council explained that the name has been inspired by Roman mythology incorporating Jupiter, ‘God of the Sky’ in recognition of recognition of the area’s Roman heritage. The site is also adjacent to the Neptune yard and Jupiter was Neptune’s brother in Roman mythology.
Swan Hunter, has however, given the council permission to include the Swans name to ensure a link with the yard’s history.
North Tyneside Council is currently in the final stages of agreeing a partnership with either a developer or consortium willing to take a lead role on the future development of the riverside site.
The partner would be part of a potential £30-£50m package that would see its involvement in the construction of new premises for rent by businesses. The council will also shortly market the opportunity to manage the site’s communal quayside.
North Tyneside Council has already been successful with £13.6m of funding bids to undertake infrastructure improvements on the site, which will begin by spring.
Stage one approval of £2.75m has also been received from the European Regional Development Fund towards a £5.5m scheme to establish a new Business Incubation Centre on Jupiter Parc@Swans that will help new small businesses to become established and take advantage of the opportunities offered by the development of the main site.