Newton-le-Willows-based property developer Langtree has signed up to a £25m joint venture with regional development agency One North East.
New company Onsite North East will encourage renewed property activity in the region through the management and investment of the agency's development land portfolio, which has already been transferred into Onsite North East.
The current portfolio of properties is made up of 23 sites totaling more than 1,000 acres, ranging in size from one to 130 acres.
The properties, which are mainly workspace, warehousing and offices, are situated throughout the region, and include locations in Berwick-upon-Tweed, Newcastle, Durham and Hartlepool.
Based in Glover Network Centre in Washington, Tyne and Wear, Onsite North East will encourage interest and the creation of new jobs, through its work with a wide range of partners including owner occupier businesses, property developers, agents and public sector bodies.
This is the second major regeneration partnership created by One North East in a bid to rejuvenate the region's property market. In April 2004, it joined with UK Land Estates to form the groundbreaking partnership company Buildings for Business, which has gone on to be recognised as national best practice.
The latest joint venture is expected to last for up to 15 years, with proceeds from the development of the sites being used to fund further regeneration activities.