North regeneration partnership launched

Jun 29 2009 by Iain Laing, The Journal

A £25M regeneration partnership between regional development agency One North East and property investor and developer Langtree is launched today.

One North East has transferred its development land portfolio into the new company Onsite North East, which will manage and invest in the sites.

The portfolio comprises 23 sites covering a total of more than 1,000 acres, ranging in size from one to 130 acres and include key development areas including Newburn Riverside and East Quayside in Newcastle.

Washington-based Onsite North East will work with businesses, property developers, agents and public sector bodies to develop the land.

The tie-up with Merseyside firm Langtree is the second major Regeneration Public Private Partnership (PPP) that One North East has formed to drive forward the region’s property market following a a 2004 partnership with Newcastle-based UK Land Estates to manage ONE’s 1,700 properties at 49 sites.

One North East says the transferral of its land holdings to Onsite North East will maximise regeneration benefits and value for money from the sites. This joint partnership venture is expected to last for up to 15 years.

ONE chairman Margaret Fay said: “We have introduced private sector investment and expertise into other projects with considerable success. We feel this new partnership can harness the potential of these major sites to accelerate regeneration and help the region come out of the downturn in the best possible shape.”

Stephen Barnes, chief executive of Onsite North East, said: “One North East’s development portfolio offers a unique opportunity to encourage property investment within the region. This asset base is the ideal foundation for creating commercial opportunities that will benefit the region.

“Langtree’s experience and expertise of similar delivery vehicles will greatly assist us in ensuring that Onsite North East is a great success.”