New funding totalling over £456m up to 2023/24 will transform the city centre and seafront
A new wave of investment projects totalling millions of pounds has been revealed by Sunderland City Council ahead of their cabinet meeting next week as part of ambitious plans to transform the city over the next 4 years.
The spending plans introduce a raft of new proposals for a range of initiatives including funding for transport infrastructure, enhancements to public areas, new parking spaces and the construction of new primary schools.
These plans were first introduced by the City Council in October 2019 and were designed to make Sunderland more “dynamic, healthy and vibrant”.
This included investment in the Riverside area, as well as the city’s centre and seafront, and detailed “strategic land acquisitions that contribute to city regeneration priorities.”
The latest reveal includes new proposals such as £59m to develop affordable housing, as well as a £10m fund to “enhance city connectivity” with a fibre-optic network.
In total, the amount of capital detailed in the updated plans amount to more than £456 million by 2023/24, with over £155m earmarked for use between 2020 and 2021. This will come from a mixture of external funding, capital receipts from land sales, council reserves and prudential borrowing.
The final spending plans are scheduled to be discussed at a cabinet budget meeting on March the 4th, with Council Leader Graeme Miller confident that their budgets have been properly designed “to ensure we are financially responsible.”
Other key investments in the plans include funding for new highways, bridges and other road maintenance, over £32m to update 2 existing schools and build 3 new ones, and £7.5m to create a new retail development on the site of a former leisure centre.
We currently have a number of exciting property investment opportunities available now in Sunderland. For more information, and to register your interest, please visit our Sunderland page.