The 26-storey scheme, which received planning approval earlier this year, will comprise 96 one bedroom and 66 two bedroom apartments, built exclusively for the residential rental market, at a key gateway into the city.
As-well-as being a significant landmark on the Newcastle skyline, the project will rejuvenate a former derelict warehouse site, whilst incorporating significant public realm improvements. The development will contribute to the economy of Newcastle city centre and deliver additional housing choice with the introduction of high-quality, privately-managed rented accommodation.
Newcastle based property specialist, All Saints Living, will develop the skyscraper and market the apartments. Director, Keith McDougall, commented: “We are extremely excited to be playing such a key role in this landmark development. It heralds a significant shift in our business direction, with an increased emphasis on building for the private rented sector.
“Around one sixth of people in the UK live in privately rented homes and that is expected to grow significantly in the coming years. With this in mind, as well as this venture, we are developing similar initiatives in Warrington and Milton Keynes.”
The project is a clear signal of the growing importance of the city to the UK economy and demonstrates confidence in the Newcastle market place, which will encourage further investment. In addition, the scheme will help retain graduates and attract young professionals to Newcastle city centre, which is a further boost for the region’s economy.
Tolent has undertaken a number of high-profile projects within Newcastle city centre. Most recently, the firm was responsible for the refurbishment of a number of the city’s Metro stations, as-well-as new build schemes including: Newcastle City Library, Haymarket Metro Hub and Wellbar House.
Paul Rigby, Partner, FaulknerBrowns Architects, said: “Following much hard work from the development team in last few months, we are pleased to welcome Tolent to the project team, and are looking forward to working with them to deliver a development which will create a positive landmark for the city, representative of its ambitious and forward thinking outlook.”
David Thompson, Regional Director for Tolent, said: “We have a great history in the city and are extremely excited to be involved in the project at Rutherford Street. We are well-versed in delivering construction projects in challenging, urban areas and will ensure all works are undertaken with minimal disruption to the surrounding area.”