AMBITIOUS plans to launch the largest ever redevelopment project of a North-East city have been announced.

Sunderland City Council is looking for a strategic investment partner from the private sector to transform a number of important development sites across the city into housing and new business sites in a bid to revitalise the city’s economy, in a scheme known as the Sunderland Delivery Vehicle.

It will also contribute an investment portfolio of around 400 property investment assets.

Sites which have been identified for potential inclusion in the scheme include Seaburn, Chapelgarth, the Vaux Site, Farringdon Row, Holmeside and Sunniside, but these are subject to negotiation.

Councillor Paul Watson, leader of Sunderland City Council, said: “This initiative will spark a new chapter of citywide regeneration, creating important new places to live and work, and generating excellent value for residents and taxpayers. The Sunderland Delivery Vehicle will invigorate key areas of the city and offer new opportunities for employment, housing, shopping and culture.

“This joint venture means we can breathe new life into under-used publicly owned land in prime sites for development. “We have scrutinised our assets and decided which from our broad portfolio could best be brought forward to maximise their potential. Through this joint delivery structure we will be actively involved as a partner in their future management and growth.”

Once the private sector investment partner has been selected and terms agreed, it is hoped the scheme will generate income returns to the council and the private sector partner over the long term. It is also hoped it will help fulfil the aims of the council’s 15-year economic masterplan by speeding up to the delivery of citywide growth and regeneration, bringing investment to the city.

The council aims to appoint an investment partner by the middle of next year. It will be advertising the opportunity in the Official Journal of the European Union (OJEU) this week.