The government has approved a funding package to accelerate the creation of new homes, public realm and commercial space at Forth Yards. A new funding package worth GBP121.8 million (US$164 million) has brought the transformation of Quayside West at Forth Yards in the heart of Newcastle.

The package will fund vital remediation, groundworks and infrastructure activity, fixing complex land issues that have long acted as a barrier to investment at the site, which, despite its prime location near Newcastle Central Station and the city centre, has lain derelict for decades.

The government has approved the business case for the package, developed by Homes England, working in partnership with the North East Mayor and Combined Authority, Newcastle City Council and Network Rail.

The new funding package will pave the way for a new development platform and subsequent appointment of a private sector delivery partner, with the procurement process due to start in the coming months, while public sector partners will continue to accelerate progress across the whole Forth Yards site.

Quayside West, a parcel of land with capacity for around 1,100 homes alone, was brought into public ownership in 2024 after being acquired by Homes England, the government’s housing and regeneration agency.