Firm behind South Shields 365 revamp is having a good year

South Shields 365 regeneration plan at the Market Place.
South Shields 365 regeneration plan at the Market Place.

The parent company of a development firm spearheading major redevelopment in South Tyneside is having a very good financial year, it has been announced.

Urban regeneration and property development company Muse Developments, which is leading the South Shields 365 project, forms part of the Morgan Sindall Group which grew an operating profit of £15.5million in the six months to June.

This year, the national developer and regeneration specialist made good progress on a number of major urban regeneration schemes across the UK,

Work progressed on 23 projects with a total construction value of £385million, with a further £220million expected over the next 12 months.

Muse has started construction on the first phase of South Shields 365, a £100million regeneration scheme in South Shields town centre over the next decade.

The first phase includes a cultural venue called The Word, a new central library and digital media centre, and improvements to the adjoining Market Place.