A STATE-of-the-art business incubator unit has been given the green light to bring new jobs and opportunities to land which used to house a South Tyneside printed circuit board factory.
Up to 41 flexible office, workshop and hybrid units will form the Green Incubator on part of brownfield land at the former Circatex site at Eldon Street, South Shields.
It will provide managed workspace and business support for new and growing companies in the low carbon and environmental sectors.
The Green Incubator is due to open in June 2012 with 95 construction jobs expected to be created to develop the site creating 30,000sq ft of business premises. As a direct result of the project, 44 jobs will be safeguarded, a further 44 created, while 35 small and medium enterprises (SMEs) will be assisted and have their performance improved.
The three-storey building will incorporate state-of-the-art environmental energy systems and will be one of only a handful in the country to meet the highest environmental standard of BREEAM “outstanding”.
The project is part-financed by the European Union’s European Regional Development Fund (ERDF) Competitiveness Programme 2007-2013, securing £2.46m ERDF investment through regional development agency One North East. Match funding is being provided by South Tyneside Council, which is running the project.
Coun Michael Clare, lead member for jobs, enterprise and regeneration at South Tyneside Council, said: “This exciting development will make a significant contribution to our efforts to place South Tyneside at the forefront of the green industrial revolution.
“The Green Incubator units will enable us to attract new businesses operating within the low carbon and environmental industries sectors to the borough. Once here, they will receive all the support they need to grow and evolve and in doing so, they will create exciting employment opportunities for local people.”