A NEW £100m housing development could bring almost £3m a year into the local economy, say developers.
Plans for hundreds of new homes and a purpose-built retirement village at Wynyard Park have been hailed as a huge boost.
Wynyard Park Ltd, which owns the hugely successful Wynyard Park development, says the scheme would bring vital new jobs and substantial investment to the area.
An outline planning application has been submitted to Stockton Borough Council for up to 780 homes and a retirement village comprising up to 220 properties on land to the north of Lion Court off the A689.
Bosses say the work could start on site by the middle of next year if permission is granted.
Chris Musgrave, chief executive of Wynyard Park Ltd, said: “If approved, this development will not only bring a substantial boost to the local economy, but many hundreds of jobs will be created as a result in these current economically challenging times.
“Furthermore this development will help fund the vital infrastructure required in terms of roads and services which is essential for us to continue development of the rapidly expanding business park and ensure we continue to attract major companies to the region.”
It is predicted that the proposed scheme, which has estimated construction costs of over £100m, would boost the local economy by generating an additional estimated spend of around £2.9m within the local area every year.
Bosses say the proposed scheme is a key element of Wynyard Park’s rapidly developing masterplan which aims to create a high-class mixed use sustainable community incorporating business, homes, support services, leisure facilities, set in attractive, landscaped surroundings where people both live and work.
The surrounding 180 acres of woodland owned by Wynyard Park has also been designed to feature nature trails, jogging tracks and a host of recreational facilities to support the wider development.
Plans for the new hospital on the site are also forging ahead, with the North Tees and Hartlepool NHS Foundation Trust proceeding with procurement.
Wynyard Park Ltd says the principle of developing the site earmarked for the scheme is well established as planning permission already exists for commercial development, and this is being reconsidered to meet government targets and generate much-needed investment in the area.
And it says that as well as boosting the site’s infrastructure, the new masterplan would generate less traffic on surrounding roads, compared against traffic generation from the existing permission – a fact borne out by consultants’ studies.
A major public consultation scheme has also been carried out in relation to the development proposal, where all local residents were invited to view the plans and comment on the proposals.
This information has been taken on board and implemented as part of the submission.