DealMarkerz- 10th September 2019
The first phase of a major property development scheme in Newcastle city centre, based around land owned by property moguls the Reuben brothers, has received planning consent.
The development around East Pilgrim Street is described as a £200m luxury leisure, shopping and living scheme. The project could take 10 years to fully complete and it is anticipated that it could attract £300m of investment into the city centre overall.
Speaking after approval of the first phase, Gordon Hewling, principal and managing director at the consultants on the scheme Avison Young, said: “Achievement of planning permission for this first phase new landmark office building represents a keynote step forward for the overall East Pilgrim Street regeneration scheme, which will enhance Newcastle City Centre’s attractiveness as both a leisure and business destination.”
This scheme will replace a vacant site and upgrade a dreary and somewhat dilapidated 1970s streetscape with a new, contemporary twenty-first century development in a gateway location. It could well lead to something of a renaissance for the wider market in this part of Newcastle.