A new future has been secured for the historic former Swan Hunter shipyard site in North Tyneside.
Following an evaluation of all offers received, a deal has been agreed between North Tyneside Council and Shepherd Offshore Group who have major plans for the site.
The deal is part of a council-led strategy to bring Swan Hunter back into economic use. The former shipyard was a major employer throughout the 19th and 20th centuries.
The strategy will look to develop the North Bank of the River Tyne with partners into a world class destination for offshore and advanced manufacturing.
Major investment, both from the local authority and the North East LEP, has seen a number of significant infrastructure improvements completed to get the Swan Hunter site into a position for future investment.