The developer constructing Newcastle’s tallest building has acquired another city site on which it plans to build a further 224 apartments.
The Pottery Lane plot, located between the River Tyne and the Metro Radio Arena, would 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 underway on the 27 storey Hadrian’s Tower, just off St. James’ Boulevard, which will create 162 PRS apartments and become – at 82 metres – Newcastle’s tallest building.
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.
“The average age of first time home buyers in the UK is now over 30 and people – especially young professionals with mobile lifestyles – 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.
“It is our aim to meet this demand, 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.
“We already have plans in place to build over 3,000 PRS apartments across the UK over the next three to five years – around 600 of them right here in Newcastle. We anticipate increasing this PRS portfolio by around 300 apartments a year going forward.”
Other High Street schemes either under construction or preparation are in Birmingham (three), Manchester, Milton Keynes, Salford and Warrington. Combined, these initiatives have a gross development value of over £1 billion.