The Grade II listed landmark was recently sold by the Co-operative Group to DTZ Investment Management (DTZIM). It is being overhauled by Interserve to create a mixed-use scheme, incorporating retail and leisure units on the ground and basement floors as well as a 184-bed Premier Inn hotel.
The art deco building, opened in the 1930s, extends to nearly 170,000 sq ft over six floors, with twin towers, sweeping curves, huge windows and marble staircases.
“It is great to see many of the iconic features of the building being sensitively replaced or restored while fully modernising the building for future tenants,” said Interserve Developments director Dan White. “The collaborative approach between Interserve, DTZIM and Premier Inn to get this project off the ground will result not just in the rejuvenation of an iconic local building but provide significant local employment opportunities and a boost for the economy of Newcastle and surrounding areas.”