A multi-million pound business and innovation centre has been launched in a bid to accelerate the growth of Teesside’s digital industries.
Fusion Hive will be at the heart of the Northshore regeneration area of Stockton, led by Muse Developments, the group which is also driving forward the £100m transformation of South Shields.
Muse is developing Fusion Hive in conjunction with Teesside University and Stockton Borough Council and is being built on land owned by the Homes and Communities Agency (HCA), which has invested nearly £3m into the project.
The three-storey building will offer working spaces for around 60 small and medium sized enterprises in the digital and scientific sectors.
Any business which takes up space at Fusion Hive will also benefit from Teesside University’s established business network, which will give opportunities to help with growth and development.
The scheme has received £2.87m in investment from the European Regional Development Fund (ERDF), which has been matched by the HCA.
Simon Dew, senior development surveyor at Muse Developments: “We are extremely proud of the Fusion Hive development, located at the heart of our successful Northshore regeneration scheme. Fusion Hive sees the collaboration between several organisations that will ultimately give new businesses the best opportunity to grow and prosper.
“Construction is well under way and we’re looking forward to its completion this summer. It will be a great asset to Northshore, which has an exciting future ahead, with the new head office for Thirteen nearly complete and the second phase of successful housing development Vivo selling well.”
When complete, the Northshore development will provide up to 450,000 sq ft of offices, up to 85,000 sq ft retail, leisure space, a new hotel and up to 126 family houses.