Muse secures £100m South Shields project
Muse Developments, the urban regeneration division of Morgan Sindall, has been awarded the lucrative £100 million contract for the redevelopment of South Shields town centre.
The project will see the construction of a new cinema, 175,000 sq ft of additional retail space, a library, leisure facilities and new hotel, with the company due to commence work in the area from summer 2014.
Scheduled to take approximately six years to complete, the project is of utmost importance to the local community and will help in the delivery of a "vibrant retail and leisure quarter" at the heart of the South Shields economy.
John Morgan, chief executive of Morgan Sindall Group, said: "We have a strong track record in delivering complex, mixed-use regeneration schemes and we are delighted to be working alongside South Tyneside Council to revitalise South Shields town centre."
He added the scheme will unlock "new opportunities for residents, businesses and visitors to the area".
Muse has been appointed to the South Shields 365 regeneration scheme by South Tyneside Council and will take on sole development rights for the initiative.
It forms a radical overhaul of facilities in the town centre and will be coupled with a further partnership between the local authority and Nexus - the Tyne and Wear passenger transport executive - for improvements to the town's Metro system.
Councillor Iain Malcolm, Leader of South Tyneside Council, added the South Shields 365 scheme is an ambitious and radical move away from the norm for an area that is in desperate need of regeneration.
He added the choice to make Muse sole developer for the project was an easy one, as the company brings a wealth of experience, innovative ideas and financial clout to the plans that mean its future success is all but guaranteed.
Last year, Muse saw annual revenues in excess of £2 billion, with its projects covering all areas of mixed-use development - commercial, residential, retail and leisure.
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