The big wheel is five metres taller than the London Eye, making it the tallest observation wheel in Europe. They call the Newcastle wheel The Whey Aye.
The wheel will be part of a wider 32,000 m2 Giants on the Quayside development, on the site of a vacant former flour mill on the banks of the River Tyne. There will also be food and drink outlets and entertainment including a ‘virtual’ golf club.
The original plan was to have a massive LED screen filling the middle of the wheel, to create the world's biggest advertising screen. However, the planning application for the 685 m2 LED screen has been deferred and will be considered at a later date.
The developer behind the plans is the World Wheel Company, a Hong Kong company that has built and operated a 120-metre observation wheel in Suzhou, China and a 90-metre one in Tbilisi, Georgia.
World Wheel Company Newcastle said that it hopes to start construction to start on site early next year and have Giants on the Quayside open to the public in 2023.
World Wheel Company Newcastle chief executive Phil Lynagh said: “We are hugely excited to have been given the go ahead to build a development that is focused on delivering the greatest benefit for the city of Newcastle, its people and its business community.”