Funding has been secured for a £6 million scheme will convert the derelict former Maynard’s toffee factory in Newcastle into a new centre for creative businesses.
The former Maynard’s factory in the Lower Ouseburn Valley is being refurbished to provide approximately 2,600 sq m of workspace in 25 new units of semi-managed office space, and a central meeting space in a covered courtyard.
The Toffee Factory is considered to be the first element of Phase 1 of the East Quayside and Ouseburn Estuary Development Framework and will build upon Newcastle City Council’s Ouseburn Regeneration Strategy.
The project is being delivered by NewcastleGateshead development company 1NG, on behalf of Newcastle City Council and One North East.
It is part financed by the European Union’s ERDF Competitiveness Programme 2007-13, securing £3 million of ERDF investment through regional development agency One North East, which is also investing £2.75m in the scheme, with a further £250,000 support from Newcastle City Council.
The scheme has the potential to create 12 new businesses and 47 new jobs, as well as safeguarding 111 jobs and remediating a major brownfield site in a key strategic location.