High Street Residential intends to build 269 one- and two-bedroom apartments on the site of the former Brett Oils Depot, with two duplexes and ground floor commercial and office space. Public realm enhancement will allow access to the southern bank of the Tyne.
Work on the development is expected to start with enabling and demolition early in 2020 with a construction start targeted for the second quarter of the year.
Gary Forrest, chairman of the High Street Group of Companies, said: “It is great to see that the council is so much in favour of our proposals. Developments like this will help to meet the demand for housing from young professionals working on Tyneside.
“People are increasingly choosing to rent. Already 19% of people do so and that figure is expected to rise rapidly over the next 20 to 30 years. We are meeting this demand, by delivering high quality living spaces in town and city centres, with communal relaxation and leisure facilities, where people can meet, form friendships and build new communities.”
High Street Residential’s portfolio of apartments for private rent in the northeast also includes the 27-storey, 83-metre Hadrian’s Tower – Newcastle’s tallest building – which has reached its full height, with most of the 161 apartments sold a year from completion. It is also planning around 194 more units on a plot at Pottery Lane, also close to the river in Newcastle.
Nationally, High Street Residential is constructing or preparing to build eight other private rented sector (PRS) developments in Birmingham (four), Manchester, Milton Keynes, Salford and Warrington.
In total these projects would deliver around 2,700 apartments with a gross development value of £544m.