Property group secures £40m deal for new residential development in Newcastle

Newcastle-based property company, Adderstone Group, has submitted plans for a proposed 535-bed student scheme on the site of the Technopole office building at Manors Business Park, Newcastle.

The office has remained empty for a number of years, but a planning statement submitted by Lichfields consultants alongside the planning application has confirmed that the development could contribute £10.7m per annum to the local economy.

As well as this, over 100 jobs could be created during construction and on completion as well as £500k to Newcastle City Council as Community Infrastructure Levy (CIL) to deliver infrastructure to support the development of the wider area.

Lichfields went on to confirm that the proposals comply with Newcastle city planners’ latest supplementary planning document (SPD) as the building is designed so it can easily be converted to non-student residential use in the future.

Ian Baggett, founder and CEO of Adderstone Group, said: “Discussions with the city planners over a number of years have paved the way for some of the buildings at the park to transition over to residential uses.

“The park is adjacent to Northumbria University Campus and perfectly located for student accommodation as well as businesses connected in some way to the university.”

The proposals and designs have been prepared by Newcastle’s Ryder Architecture.

Its director, Mark Clasper, added: “With the support of the city planners we feel we have arrived at a robust, quality design that will stand the test of time for what is, after all, a prominent site in the city.”