Work is under way on a £61 million expansion of a North East science park which will create more than 1,250 highly skilled jobs.
Durham County Council’s North East Technology Park (NETPark Phase Three) is the premier science park in the North East of England and is is now entering its third phase with the potential to deliver £625 million to the region’s economy over the next ten years creating 1,250 skilled jobs.
Plans are also in place for a fourth phase of NETPark with potentially more to follow, with additional land designated for development which could lead to 4,000 new jobs.
Leader of the council, Cllr Amanda Hopgood said:
“We are delighted to be making a significant investment in the expansion and grateful to the North East LEP for its support, which is in recognition of the fantastic employment opportunities that NETPark presents in our region.
“The prospect of the further 1,250 skilled jobs worth £625 million, and the potential for NETPark to ultimately host 3,000 to 4,000 jobs in total, is proof that we are delivering on our ambition to create more and better jobs for our residents, as set out in our Inclusive Economic Strategy.”
The new phase will include up to 232,000 square feet of new laboratory, office and production space, and will cover an initial seven hectares of land, rising to 16 hectares. It will also provide facilities for both existing tenants to expand and to enable future inward investment.
NETPark Phase Three offers a unique opportunity for high growth science, engineering, and technology companies to design and build bespoke premises to grow, scale-up and commercialise their operations at one of the UK’s premier science parks.
This development provides the grow-on space needed by companies that have developed on the park as well as inward investors looking to relocate their business in County Durham.
Lucy Winskell OBE, chair of the North East LEP, added:
“Home to three national innovation centres, as well as a community of science and technology companies that have helped grow key sectors across the North East, NETPark has proven its ability to secure investment into our region and create jobs.”
