A BUSINESS park will be developed on the former Samsung site near Teesside.

Developer Priority Sites has entered into a joint venture agreement with Wynyard Limited to develop the former Samsung factory site for commercial use.

Priority is the lead developer on the site and will manage the planning process to develop more than 160 acres of land around the 47 acres already developed.

The second phase of development at Wynyard is likely to start early next year.

Electronics company Samsung announced it was closing its microwave and computer monitor factories at Wynyard with the loss of 425 jobs.

But businessman Chris Musgrave, of Wynyard Limited, bought the site in a multi-million pound deal in January.

He said: "Priority has an impressive track record and strong financial backing. The fact that it has had the confidence to invest in Wynyard bodes very well for the future of the site."

Priority Sites is an expert in the regeneration of brownfield and under-used land.

Chief executive Paul Barber said: "This will be one of the most prestigious schemes in our seven-year history.

"It is a tremendous opportunity to bring forward a major business park for the North-East, which will not only replace the jobs being lost at Samsung, but will bring in many more besides."

The Wynyard site totals 207 acres, of which 47 acres have been fully developed, 80 acres are fully-serviced but underdeveloped, and a further 80 acres remain unserviced.

There are three buildings on the site, with the two former Samsung factories providing 125,000sq ft and 165,000sq ft of manufacturing space, which will be let as individual units or divided if required.

There is also 42,000sq ft of office and conference space.

Published: 08/06/2004