The Swans Centre for Innovation in North Tyneside is to expand with over £1.9m of investment, creating space for around 10 additional businesses.
Since it was created in 2016, the business centre has attracted a range of organisations involved in the offshore sectors.
Following £1.67m of investment from the North East Local Enterprise Partnership (LEP), via the Government’s Local Growth Fund, the upper three vacant floors of the building will also be transformed as part of the second phase of the Centre for Innovation.
North Tyneside Elected Mayor, Norma Redfearn, CBE, said: “With the Centre for Innovation fully occupied and the second phase set to get underway – along with our thriving office parks and brilliant local businesses – it goes to show that North Tyneside really is the place to be for business.
“The work at Swans strengthens the borough’s reputation as a first-class location for the global oil, gas, renewable and maritime industries, where businesses can grow and thrive.
“Swan Hunter shipyard had a worldwide reputation and I have been determined to get Swans back on the global map – I am therefore delighted that we are succeeding in bringing it back to life.”
North Tyneside MP Mary Glindon added: “This is great news for North Tyneside, Wallsend and the former Swan Hunter’s site. It clearly demonstrates North Tyneside Council’s on-going commitment to redeveloping the site as an important part of the offshore industry in the North East. I look forward to seeing the expansion completed.”
The refurbishment is expected to commence later this year and be complete in summer 2019.
David Land, North East LEP Board member, said: “The Swans Centre for Innovation is an important site located right on the River Tyne and has grown in to a state-of-the-art advanced manufacturing and technology hub servicing the offshore industry. Investing further in the site through this expansion will create opportunities to continue to attract leading companies and deliver more and better jobs for our region.”
The Centre for Innovation is a major part of a wider and on-going £100m project, led by North Tyneside Council, to redevelop the former Swan Hunter shipyard in Wallsend.
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