Sedgefield's NETPark marked for £50m expansion

The expansion would be the third phase of NETPark which was built on the site of the former Winterton Hospital in Sedgefield

A science and technology park hailed as a "genuine success story" could get a £50m expansion.

Durham County Council's cabinet will consider investing in a third phase of the North East Technology Park (NETPark) at Sedgefield.

The six-acre expansion (2.5 hectares) would create up to 1,250 jobs and the £49.6m investment recouped from tenants within 35 years, the council said.

NETPark opened in 2000 and is currently home to 40 companies.

The expansion would take two years to build and would "provide a broad range of job opportunities including scientists, technicians, administration, accounting, marketing, IT and logistics", a council spokesman said.

James Rowlandson, the council's cabinet member for resources, investments and assets, said: "NETPark has been and remains a genuine success story.

"It is home to some really innovative companies doing truly ground-breaking work and has certainly played its part in cementing County Durham's reputation as a great place to do business.

"It is really exciting to be contemplating a third phase."

In a report to the committee, Amy Harhoff, corporate director of regeneration economy and growth, said 92% of the park's current units were occupied and the rest reserved.

The cabinet will consider the expansion plan at its meeting on 15 September.