IT WAS an image that captured the sense of economic desolation felt across the North-East during the bleak 1980s.

Prime Minister Margaret Thatcher, head slightly bent against the fierce wind, a firm grip on her handbag, marching across wasteland in Thornaby that had once been an industrial powerhouse.

Today, the area has been transformed into the thriving Teesdale Business Park and the Queen's Campus of Durham University.

The spot where Baroness Thatcher posed for photographs is now home to Tees Valley Regeneration (TVR), the body charged with breathing life back into the area.

But despite several schemes being floated over the past 15 years, the opposite river bank has remained barren.

Yesterday, TVR's chief executive, Joe Docherty, unveiled plans for its renaissance. Where steel works once stood, he aims to create a hotel, cafes, bars, homes and scores of new offices.

Those involved only have to look 30 miles North, to the banks of the Tyne in Newcastle and Gateshead, to see what transformation is possible.

Councillor Bob Gibson, leader of Stockton Borough Council, said: "We want to bring that success here. North Shore will not be a mirror image of anything else, but we will take the best ideas and best practice."

TVR is already involved in three other schemes aiming to bring about £1.2bn of investment and thousands of jobs to Darlington, Hartlepool and Middlesbrough.

And with Durham University poised to sign a contract to build a 150,000sq ft extension to its Stockton campus on North Shore, its venture looks to be off to a flying start.

But the project hinges on attracting a developer who is prepared to take on the whole site.

"The fact that we have more than 50 private sector developers here shows they understand the opportunity," said Mr Docherty. "It demonstrates their confidence in North Shore."

A similar masterplan, aiming to turn the area into a North-East Riviera, was put forward five years ago, then quietly shelved.

This time, more than £18m of taxpayers' money has been spent to make sure that the vision translates into the bricks, mortar and jobs that the area needs.

"The Tees Valley at times has had more false starts than the Grand National and more visions than Mother Teresa," said Mr Docherty.

"This is not going to be an overnight solution for Stockton. But the groundwork has been done and we are confident we can deliver."

He is expecting several firms to express an interest and TVR's partner will be announced in July.

Proposals to transform Stockton into the "Venice of the North-East" were first drawn up by the controversial Teesside Development Corporation (TDC) 15 years ago.

The body was set up in the aftermath of Baroness Thatcher's wilderness walk. It was wound up in 1998, under allegations of missing millions and dubious business practices.

Nothing came of the north bank scheme. But one legacy of the TDC that makes North Shore unique is the Tees Barrage, which opened in 1994.

It has transformed 12 miles of tidal river into a virtual lake, controlled by the barrage's four 50-tonne gates, operated by 20-ton hydraulics and perfect for water sports.

It is this aspect that makes it unique and, TVR believes, will help North Shore make the transition to fashionable tourist trap.

Simon Bee, design director with Benoy, the firm commissioned to produce the North Shore masterplan, said: "I believe it can become a known destination.

"It just needs a bit of passion, belief and a strong delivery plan and it can be made to work.

"When you walk around and absorb the landscape, it feels like an enormous lake, with a view of the Cleveland Hills in the background.

"In a way, I was surprised development had not happened already."

Mr Docherty was equally optimistic. "Of course we believe Stockton can be fashionable," he said.

His office, overlooking North Shore, was built as part of Teesdale Business Park, which provides 5,000 jobs. But there is only one shop amid the offices and homes, and no food outlets.

Coun Gibson said: "Stockton was the scene of the walk in the wilderness and Teesdale was built out of that.

"But that transformation has left it with no pubs or restaurants for the office workers. With North Shore, there will be more balance."

Mr Bee, said: "If you were doing Teesdale again, I think it would be done differently.

"Waterfronts need to be people places and that is what North Shore is all about."