Rotherham's 'New York' area alongside the River Don is set to attract up to €66 million ($76 million) of investment. It is close to the planned Advanced Manufacturing Park, where the Boeing/University of Sheffield centre and other hi-tech research and manufacturing operations will be located.

European Regional Development Fund backing has been allocated, subject to approval, to the tune of €16m ($18 million), on the basis of €49-€66 million ($56-$76 million) of investment from the public and private sectors. The project will also draw on the EU's €1.1 billion ($1.3 billion) Objective One pot for South Yorkshire, aimed at helping business.

Council leader Cllr Mark Edgell said: 'This is about putting new heart into the heart of the town-- creating new opportunities for jobs and boosting our manufacturing, retail, office and leisure sectors. It will give additional thrust to our borough-wide drive to improve the local economy.'