Lenbd Lease was picked ahead of BAM, Vinci, Kier and Farrans/Gilbert Ash JV, who were also shortlisted.
The project for Northumbria Healthcare NHS Foundation Trust consists of inpatient wards, an accident & emergency care centre, operating theatres, critical care, maternity, paediatrics, radiology, pathology and support accommodation.
Construction is expected to take two years to complete
The trust is also planning to spend a further £125m on upgrading North Tyneside and Wansbeck general hospitals, and rebuilding community hospitals in Berwick and Haltwhistle.
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