Metrocentre has signed a landmark agreement with Gateshead Council to develop Metro Riverside, a mixed-use scheme including 4,500 homes improved transport infrastructure and leisure opportunities.
Metrocentre is the largest shopping centre in the North East
Billed by the developer as billed as a ‘city within a city’, Metro Riverside will be one of the largest and most ambitious urban regeneration projects undertaken in Britain outside the M25.
The project will develop under-used brownfield land surrounding Metrocentre shopping centre, which opened 40 years ago and is three miles west of Newcastle-Gateshead city centre on the southern bank of the River Tyne.
Metrocentre is the largest shopping centre in the North East, with 400 stores and 2.1m sq ft of lettable space.
“Metro Riverside demonstrates the power of long-term public-private partnerships to unlock transformational change,” said Martin Healy, chairman of Metrocentre.
“Developments of this scale and ambition simply cannot be delivered in isolation. By working in partnership with Gateshead Council and others, we can bring together long-term investment, local leadership and shared purpose to create a new dense, urban community that delivers homes, jobs and opportunities, while ensuring Metrocentre continues to evolve as a major economic engine for the region for decades to come.”
Metro Riverside forms a key part of Gateshead Council’s Regeneration Plan, which aims to reconnect communities to the river and reverse decades of economic under-performance.
The regeneration project will create 5,000 new jobs and is projected to double the site’s contribution to the regional economy to more than £2bn a year by 2045.
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