The cash injection will fund remediation, groundworks and new infrastructure to fix long-standing land issues that have stalled development for decades.

Homes England, Newcastle City Council, Network Rail and the new North East Mayoral Combined Authority are backing the project, which will pave the way for up to 2,500 homes, commercial space and public realm.

Network Rail owns land within the Forth Yards development area

Quayside West, one of the largest plots with room for 1,100 homes, was brought into public ownership last year and will be central to creating a new mixed-use neighbourhood next to Central Station and the Tyne.

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.

Meanwhile public sector partners will continue to accelerate progress across the whole Forth Yards site.