NFB believes that the Government understands its role in unlocking projects and investment potential
The Government has approved a £121.8 million package of funding to aid the redevelopment of Quayside West at Forth Yards, a 25-acre brownfield site located on the banks of the Tyne in Newcastle city centre.
Richard Beresford, chief executive of the National Federation of Builders (NFB), said: “The Forth Yards plan shows that the Government understands their role in unlocking projects and investment potential, particularly in regions where land values are low and the cost of remediation high.”
The business case for the funding was developed in a novel collaboration with local, regional, and national government in a ‘Strategic Place Partnership’.
The site has remained dormant for the last two decades due to issues with the land, which local officials describe as a “barrier to investment”.
Procurement will start in the coming months, with initial plans for a mixed-use development that includes up to 2,500 homes alongside public and commercial spaces.
The local council hopes that the works will be fully completed within the next 15 years. A neighbouring patch of land at Fourth Yards recently received similar Government funding, for which Network Rail plans to begin a planning application later this year.
The funding for works in Newcastle was prompted by the Government’s broader housebuilding strategy to build 1.5 million new homes in the next five years – prioritising development on brownfield sites.
Platform4, a government body started in July, is set to build 40,000 similar homes in similar prime, ex-railway spots across the UK. It will take over from Network Rail in managing railway land when the creation of Great British Railways is fully complete.
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