The Pottery Lane plot, close to the River Tyne, is set to become the third private rented sector (PRS) scheme to be built on Tyneside by High Street Residential.
The acquisition follows the purchase in December of the Brett Oils Depot on the Gateshead side of the river. Both plots have been identified by Newcastle and Gateshead councils as areas for regeneration.
Work is already well under way on the 27-storey Hadrian’s Tower in Newcastle, which will create 162 PRS apartments and become – at 82 metres – Newcastle’s tallest building. Main contractor is Tolent Construction.
High Street Residential is also constructing or preparing to build seven other PRS developments in Birmingham (three), Manchester, Milton Keynes, Salford and Warrington.
In total these 10 projects would deliver around 3,000 apartments with a gross development value of more than £1bn.
Gary Forrest, chairman of the High Street Group of Companies, said: “The Pottery Lane site enjoys an elevated position with great views of the river and Newcastle’s famous bridges. We hope to develop three apartment blocks on the site, which will include a mix of one and two bedroomed apartments for private rent.”