The various facets of the park's improvements programme include a new café; the restoration of the Victorian bandstand; the lake has also been partially restored involving the installation of new wildlife islands and improved drainage; and the existing skate park has been extended and improved.
The funding has also created two employment opportunities - a dedicated park ranger and a part-time community support officer.
The application was submitted by Newcastle City Council and the Exhibition and Brandling Parks Community Trust - who are the friends of Exhibition Park.Forbes said: "It's wonderful to see new life being breathed into one of the best Victorian parks in the country. This wouldn't have happened without the dedicated help and support of volunteers and the local community, who worked alongside the council and our partners over the last three years.
"I was delighted to re-open the park, which I know is one of Newcastle's best loved greenspaces, where people can get together to enjoy all the new facilities on offer."