PLANNING

Sunderland receives £100m 'vote of confidence'

Sunderland City Council’s city centre masterplan has received a massive boost from a £100m deal with Legal & General.

Legal & General has struck a £100m deal with Sunderland City Council.

The investment managers want to deliver three new commercial buildings, including the new Sunderland City Hall.

Legal & General said the 'vast potential' in the council's plans for Sunderland was the key driver for its investment.

Chief executive officer of Legal & General, Nigel Wilson, said: ‘As seen with our other Future Cities investments in areas such as Oxford, Leeds, Bristol, Newcastle and Cardiff, a long-term patient capital injection can completely transform towns and cities.

‘This can have a direct social impact, creating real jobs and supporting real wage increases while creating a virtuous circle by generating income to pay pensioners.

‘We hope our investment today will accelerate regeneration plans for Sunderland, attracting further capital to support the vast potential of this city.'

Chief executive of Sunderland City Council, Patrick Melia, said the investment represented a 'serious vote of confidence' in Sunderland.

He said: ‘Make no mistake, today's announcement is the single most significant investment story to come out of Sunderland for decades.

‘We are absolutely delighted that the vision we have created for this city is attracting the enthusiasm, support and, most importantly financial backing of one of the world's most significant investors.

‘L&G's backing will allow us to supercharge plans to transform our city centre, creating a magnet destination that will attract more people to live, work and play here.

‘Sunderland has been something of a sleeping giant, but it has awoken, and we're absolutely determined to ensure this city realises every bit of its vast potential.'

PLANNING

Regeneration: Dotting the investments and crossing the Tees...

By Michelle Hambleton | 15 May 2025

Michelle Hambleton explains Tees Valley Securing Investment (TVSI), a programme funded by the UK Government through the UK Shared Prosperity Fund and deliver...

PLANNING

Regeneration: Cardiff's goals

By Heather Jameson | 15 May 2025

As Cardiff prepares to host games at football’s 2028 Euros, the city council is focused on delivering key projects to welcome guests to the city. Leader Huw ...

PLANNING

Why the Total Place bandwagon should roll again

By Michael Burton | 15 May 2025

John Denham was Labour’s communities secretary 15 years before Angela Rayner. He tells Michael Burton why he would not have embarked on wholescale local gove...

PLANNING

Regeneration: Transforming lives through interconnected regeneration

By Alun Parfitt | 14 May 2025

Local government regeneration can be a catalyst for local authorities to revitalise their communities, as Alun Parfitt explains.

Popular articles by William Eichler