Joint venture partner search for major £200m Newcastle development
Newcastle City Council has appointed Knight Frank to assist in procuring a joint venture partner to help shape and develop the final phases of the Stephenson Quarter.
The £200m, six-acre, mixed-use development opportunity, next to Central Station, will be officially launched to the market today (March 12) at European property festival, MIPIM, in Cannes.
A new, flexible masterplan for the site has been drawn-up and will be unveiled at the launch event, hosted at the Invest Newcastle stand.
It details the scope to develop Grade A new-build offices, refurbished creative workspace, residential buildings and a small amount of retail and leisure space - across nine different plots.
The development is expected to create around 2,000 jobs and contribute around £100m per year to the regional economy.
Chief executive of Newcastle City Council, Pat Ritchie, said: “The Stephenson Quarter has created over 1,000 jobs and is one of the city’s most important development sites so close to the region’s gateway, the Central Station.
“The first two phases of development have seen it grow with grade A offices, a university technical college, events space and a conference hotel - but the site has much more to offer.
“We are now at a critical new stage - looking for a developer to match our big ambitions in a £200m development that will see new homes, offices and leisure space, providing an economic boost to the city.
“As one of our Accelerated Development Zones, the Stephenson Quarter is an extremely attractive opportunity for the right developer.”
Developers will be able to suggest changes to the masterplan and bring their own ideas of how to maximise the site. A JV partner will be appointed following a competitive tender process, steered by Knight Frank.
The site is one of NewcastleGateshead’s Accelerated Development Zones (ADZ) which are designed to unlock city centre growth.
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