Sir John found success with the giant MetroCentre complex

The Newcastle United president made his announcement after South Korean electrical giant Samsung said it was closing its plant on Teesside, with the loss of more than 400 jobs.

Sir John, who developed the giant MetroCentre and the exclusive Wynyard Hall housing estate, is to create a 500-acre business park.

It will occupy a site adjacent to the spot which Samsung is about to vacate.

Within the first phase of 200 acres, an initial 500 jobs will be created at a 50,000 sq ft office development, which is scheduled to start on site in the Spring.

This will bring immediate construction work to the area, utilising a local labour force.

'Beyond our control'

Sir John and his team are also rumoured to have secured an agreement with Helios Properties for a distribution park of around 300,000 sq ft and reached a separate deal for a business village of 80,000 sq ft.

He said: "I am disappointed by the news of Samsung as I, like so many, had high hopes for the Korean electronics company.

"We have been affected by global decisions which are way beyond our control.

"It is not the first time that a seemingly successful firm providing local employment has bowed out of the region leaving major job losses.

"However as a region we have bounced back and this time we have a bigger ace to play."

'Impossible' competition

On Thursday, Samsung told workers at its plant near Billingham that production of microwaves and computer monitors will end in April with the loss of all jobs.

The company blamed low worldwide prices for making it "impossible" for the plant to compete with the cost of equivalent products manufactured in Eastern Europe and the Far East.

Public sector agencies responded by establishing the Samsung Project Group to offer immediate assistance to staff.

The group is led by Stockton Borough Council with assistance from One NorthEast, Job Centre Plus, the Learning and Skills Council, Government Office for the North East, Tees Valley Regeneration, Tees Valley Partnership and English Partnerships.

Union leaders also said the company should pay back millions of pounds it was given in government grants when it first came to Teesside.