New £6.3m Newcastle City Centre redevelopment given the green light
Plans for a £6.3m redevelopment of 152-156 New Bridge Street, Newcastle, have officially been granted planning permission from Newcastle City Council. The project, to convert the existing 10,800 sq. ft office block into 24 new modern and open flats, is being spearheaded by local property investment and development firm, Tyneside Group Limited.
With planning permission now obtained, construction on the project could begin as early as October this year, with tenants expected to begin moving into the scheme’s proposed 64 bedrooms from September 2021. Located close to the Northumbria University campus, the flats are being designed to appeal to a wide variety of residents. It is anticipated that they will be particularly popular with young professionals and university students. When completed, the rent roll on the redevelopment is expected to exceed £440,000 per annum.
Speaking about the redevelopment, Tyneside Group Limited Managing Director, Robbie Kalbraier, said: “We are delighted to have been granted approval for our latest scheme. The redevelopment of 152-156 New Bridge Street will bring some much-needed residential accommodation to a market that is flooded with student-only blocks, helping the North East’s biggest and busiest city continue to grow.”
“Each individual flat has been designed to maximise space and provide future residents with a light and airy self-contained space that is perfect for modern city living. New Bridge Street is a vibrant and inspiring scene, with plenty of independent businesses, as well as the Northumbria University campus. Our scheme has been designed to reflect its surroundings and fit seamlessly into the overall cityscape.”
“We are proposing to name the development Regent Manor, this address has been created to reflect the history of the street. Prior to the extension of New Bridge Street, our buildings originally formed part of Regent Terrace, which was built in the early 1800s. The name also acknowledges the importance of the nearby Manors Station and Metro Station, as a strategic travel and distribution points for the City.”
“The redevelopment will create a mix of one, two, three and four-bedroomed flats, ensuring it caters to a range of needs. As with our previous projects, we are proud to be utilising the skills and talents of local businesses across the North East to complete our goal.”
All work on the project, which is expected to total around 75,000 person hours, will be completed by local businesses where possible. This will include architects, Mawson Kerr, engineers from James Christopher Consulting and J H Partners and Quantity Surveyors, Thornton Firkin. The Way Forward North East will provide Health and Safety consultation on the project.
The approved scheme at New Bridge Street follows other recent successes for the team at Tyneside Group Ltd, including the £5.1m sale of Picton Manor and a £3.8m sale of 5-8 St. James’ Street that both occurred in 2018. These sales helped the company achieve second place in Ward Hadaway’s Fastest Growing Small Business list for 2018, and fourth in the overall Fastest 50.