“Make no mistake: today’s announcement is the single most significant investment story to come out of Sunderland for decades.”

These were the words of Sunderland City Council chief executive Patrick Melia last week after it was announced that Legal & General (L&G) had agreed to invest £100m in the Riverside Sunderland project. He wasn’t exaggerating.

The site, which is largely wasteland and forms a barrier between the city centre and Sunderland Football Club’s Stadium of Light, is currently a symbol of Sunderland city centre’s economic decline.

Under the terms of the deal, L&G will build three new office buildings, including a new City Hall for the council, on the site of the former Vaux Brewery, which forms the centrepiece of Riverside Sunderland.

So why has L&G decided to plough such a large amount of money into Sunderland Riverside? And what role did the city council play in attracting one of the world’s largest investment managers?