A County Durham business park has today (July 26) officially launched its phase three expansion that is expected to bring in over 1,000 jobs and an estimated £625 million to the local economy.

Jobs, growth, and investment was the message from bosses for the launch of NETPark’s phase three expansion launch in Sedgefield, County Durham this afternoon.

The expansion has been funded by Durham County Council in conjunction with the North East Local Enterprise Partnership to the tune of £61m pounds with the project being carried out by local construction group Kier.

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The Northern Echo: An aerial view of the NETPark phase 3 site.An aerial view of the NETPark phase 3 site. (Image: NETPARK)

The eight-unit, 232,000sqft expansion on the site off the A177 will add to the park’s current portfolio of forty businesses, with construction at the site expected to end in early 2025.

The park is already home to science, technology, and manufacturing businesses as well as a centre used by Durham University, with organisers hoping the newest units will attract businesses from across the country.

The project is already being praised as a huge moment for the region, with the Leader of Durham County Council Amanda Hopgood calling the expansion a “beacon of progress” for the region.

The Northern Echo: Organisers at NETPark in Sedgefield today (July 26).

Cllr Hopgood told the Echo: “For the whole area this £61 million pound investment is huge as we are hoping it will create in excess of 1,250 jobs, so it will be bringing some really high skilled and high-value jobs to the area.

“This can be not only a regional hub but a national hub for science, technology, and manufacturing. We have a really strong area with the current tenants at NETPark 1 and 2 who already want to expand so we know that the demand is here.”

In her opening speech, Cllr Hopgood added the expansion is a “beacon of progress” that will “shape the future of technology and innovation” in the North East.

The Northern Echo: Organisers at NETPark in Sedgefield today (July 26).

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The Northern Echo: Current view of the site at NETPark as work begins.Current view of the site at NETPark as work begins. (Image: NETPARK)

Neil Hosie, Contracts Manager for Kier Construction, has helped develop and design the expansion for the past year, and has described phase three as an “investment for the future”.

He said: “The North East has always been traditionally very industrial based. Some of those have gone but now these emerging industries are coming to the fore like science, technology and bioscience.

“There are real opportunities in that, especially for young people. This will give an opportunity for graduates and apprentices on this 232,000 sqft site so to see it in County Durham shows there is a real investment for the future.”