£30m secured for Strawberry Lane development in Newcastle city centre

A real estate firm has secured multi-million pound funding for the development of a central site in Newcastle.

Ask Real Estate has secured around £30m from Canada Life Asset Management for the development of One Strawberry Lane in the St James’ area of the city.

Covering six storeys, the 70,000 sq ft building will form the new headquarters for North East based housing association Home Group.

John Hughes, managing director of Ask Real Estate, commented: “Canada Life Asset Management’s investment is great news for the region and is a clear indicator of its commitment to funding prime Grade A offices such as One Strawberry Lane.

“We have worked closely with all parties to achieve a timely completion to the transaction and look forward to starting on site imminently.”

Michael White, head of UK property for Canada Life Asset Management, added: “We are thrilled to be funding this project as we continue to invest in the North East.

“As Grade A office space One Strawberry Lane offered us the chance to support the development of a property which meets the highest standards in sustainability, efficiency and use.”